CRH climb of 4.8% main force in Iseq's upward swing

DUBLIN REPORT: Iseq:3,108.59 (+53.46) Settlement day:May 21st

AS EUROPEAN events continued to dictate local trends, the Iseq once again took its lead from the continent’s markets. Some upward momentum came into the Irish market yesterday and the index finished up 53.46 points at 3,108.59.

Index heavyweight CRH led the charge, with the building stock gaining a hefty 4.8 per cent to finish at €19.07, outperforming its sectoral peers. Analysts noted an element of correction was at play, as the stock had been lagging.

The anomalies of the Irish system were in evidence yesterday according to one trader, as stellar results from two of the biggest companies on the index failed to be reflected in their share price.

Business support services company DCC reported a 20 per cent growth in pretax profits for the year ended March 31st, 2010, beating estimates and analysts’ expectations. Nonetheless the stock finished 1.5 per cent lower at €18.30, falling off significantly towards the end of the session, with analysts blaming poor liquidity for disappointing share performance.

Similarly, positive results from Paddy Power failed to make an impact on the share price. Despite reporting very strong revenue performance in online and good betting volumes across the board, the Irish bookmaker ended the day flat at €26.00.

Financials had a mixed day. Bank of Ireland shed 2 per cent to close at €1.43, as shareholders prepare to vote on the rights issue today. Allied Irish Banks added 2 per cent to €1.23, while Irish Life & Permanent ended the session fractionally higher at €2.40. Financial services group IFG lost 2 cent to €1.14, ahead of an interim management statement this morning.

Both airlines ended in positive territory with Aer Lingus adding just over a half a per cent to €0.71 and Ryanair rising 2 per cent to €3.29.