Market Report: There was no stopping some of the recent stalwarts of the Irish market continuing their climbs yesterday, with the same stocks helping the Iseq to another record.

Food group IAWS was again a star performer after announcing plans to set up a new operating company to run its core agriculture and non-lifestyle foods businesses. IAWS said this move would enable it to further develop that division, which had recently been neglected.

Dealers described the news as very positive and the market too reacted positively. The stock rose 35 cent, or 2 per cent, to close at €17.60.

Another regular driver in the market of late, drinks and snacks maker C&C, also continued to move ahead, adding 15 cent, or 1.2 per cent, to close at €12.75.

Elsewhere, Independent News & Media was in the news, though dealers said volumes were lower than expected in the circumstances. The company yesterday confirmed it had approached the board of Australia's APN News & Media regarding a possible buyout of the entire share capital of the company. The shares added eight cent, or 3.1 per cent, to end the day at €2.63.

Conversely, reaction to Kingspan's announcement that the Competition Authority had blocked its proposed €87 million acquisition of Navan-based insulation business, Xtratherm, was negative. In only its second negative ruling under the current regime, the authority cited competition concerns in the Irish market as the reason for the decision. The stock fell immediately but recovered somewhat to end the day down five cent at €16.50.

News that Aer Lingus was seeking job cuts and cost reductions had little effect on the share price. The stock was up one cent, at €2.85.