C&C up 5.3% after agm reports 'significant' gains

Market Report: C&C was the highlight on what was a relatively lacklustre news day in the Irish market yesterday.

At its agm in Dublin, the drinks and snacks maker told shareholders that revenue and profit in the first four months of its financial year were "significantly" ahead of the same period last year. The company attributed the growth to better-than-expected sales of its Magners cider in the UK, following its national roll-out there in March.

The company also said that Bulmers, the Irish brand of the same cider, had performed well and benefited from the recent good weather.

The shares jumped 5.3 per cent, or 37 cent, to €7.38.

DCC was also a gainer on the back of news it had acquired Carlton Fuels, a north of England-based oil distribution company, for €21 million, including the adoption of some debt and a deferred payment dependent on future profits.

Analysts welcomed the acquisition, saying it was a good price for an earnings-enhancing purchase.

DCC is due to release a trading update on Monday and dealers say they expect an upbeat announcement.

The shares added 42 cent, or 2.2 per cent, to €19.22.

Ryanair also had a good day, gaining 16 cent, or 2.1 per cent, to close at €7.68. Dealers attributed the gains to positive news from low-cost rival EasyJet, which said yesterday it expected pretax profit growth of 40-50 per cent this year, compared with an original forecast of 10-15 per cent. The company said revenue per seat increased by 17 per cent in the three months to the end of June.

The financials were mixed, but dealers reported mostly good two-way trading. Anglo Irish and Bank of Ireland slipped 12 cent and 8 cent respectively, while Allied added 12 cent, or 0.6 per cent, to close at €18.77.

CRH was up 27 cent, or 1 per cent, ending the day at €27.20, while Grafton added 17 cent, or 1.7 per cent, to close at €10.39.