Financials do well on day of positive Iseq trading

DUBLIN REPORT: Iseq:2,922.23 (+37.95) Settlement date:February 15th

THE BANKS stole the limelight yesterday on what was a positive day on the Dublin stock exchange.

Rumours circulating on Tuesday evening that the EU intends to bail out Greece lifted US markets, and this fed through to markets in Greece, Portugal and Spain yesterday. The Irish market was also lifted higher, with the banks the biggest beneficiaries of the uptick.

AIB added more than 8 per cent, or 9 cent, to €1.16, while Bank of Irelandsurged by more than 9 per cent, or 11 cent, to €1.30. Irish Life & Permanentwas also ahead on the day, up 5 cent at €2.95.

In terms of the heavyweight stocks on the index, CRHadded just under 15 cent during the session to finish at €17.04. Ryanairrose about 9 cents to just under €3.51 on decent volume.

Rival carrier Aer Linguswas also in positive territory, gaining 3.1 per cent, or 2 cent, to close at 66.5 cent.

Traders said that both Ryanair and Aer Lingus benefited from positive commentary overnight from a US peer, which filtered through yesterday morning.

Elsewhere, packaging giant Smurfit Kappajumped about 1.5 per cent – 10 cent – to €6.60 on the back of better-than-expected results out yesterday.

Pharmaceutical firm Elanalso had results out yesterday, but they came in behind analyst forecasts. Nonetheless the stock gained just more than 1 per cent, or 5 cent, to close at €5.19.

Despite the upbeat interim management statement issued by United Drugon Tuesday, the healthcare services provider saw its share price slip 1.8 per cent, or 4 cents, to €2.17 yesterday.

DCCwas also a loser on the day, falling 25 cent to €19.45.

Overall the Iseq gained about 1.3 per cent on the day – climbing 38 points to 2,922.23 – with the result that it outperformed the main European markets.