CRH surges as global view of construction improves

DUBLIN REPORT: Iseq: 2,449.74 (+28.14) Settlement date: April 22ndTHE ISEQ index of Irish shares rose yesterday in line with European markets, closing up more than 1 per cent at almost 2,450.

The big winner on the day was CRH, which dominates the Iseq due to its weighting. The cement giant rose 58 cents, more than 3 per cent, as global construction stocks gained momentum on hopes of a recovery in international markets.

With the exception of the financials, most of the Irish market pushed ahead yesterday, brokers said.

Paddy Power was up over 35 cents at €13.92. Cider manufacturer C&C traded up 6.25 per cent, or 9 cents, to €1.53.

However, the financials closed the week on a low note. Both AIB and Bank of Ireland were weighed down by comments from Citigroup – which said that both banks may need an additional €3.3 billion in capital – and negative figures out from Irish Nationwide.

AIB fell almost 8 per cent to €0.86, while Bank of Ireland tumbled 12 per cent to €0.66. Brokers noted that there was reasonable volume in both names.

Irish Life & Permanent slipped 4 per cent to €2.15.

Aer Lingus had one of the busiest days in several months in terms of volume, with almost 2 per cent of the company changing hands on the day.

It was unclear what prompted this heavy activity, but one rumour circulating yesterday was that the airline’s pilots were selling their holdings. The former State carrier closed up more than 2 per cent at €0.72.

Ryanair was also quite active, trading up 1.7 per cent to just under €3.26 on good volume.

There was very little stock-specific news yesterday in a what was generally a quiet week due to the Easter holidays and investors in general “waiting for international events to push on”, one broker said.