ICG helps Iseq claw its way back up

Dublin Report:The Iseq reversed its downward spiral yesterday, clawing back 60.31 points to finish the day's trading at 9,168.23.

Irish Continental Group (ICG) was the star performer, climbing 4.35 per cent, or €1.00, to a record high of €24.00.

Rumours of a management buy-out at McInerney Holdings continued to circulate, generating strong demand for the stock, pushing it up by 8.37 per cent, or 18 cent, to €2.33.

However, elsewhere in the construction sector, CRH proved to be the underperformer of the day. A profit warning from the largest aggregates producer in the US, Vulcan Materials, on Wednesday night caused CRH's share price to tumble by 34.6 cent to close the day at €35.90.

Origin Enterprise was another big loser, shedding 4.58 per cent, or 18 cent, to finish at €3.75. C&C managed to regain some ground, climbing from €8.25 to €8.51. However, one trader observed that there is "still a lot of money lost" since the stock nosedived after last week's profit warning.

Tullow Oil attracted interest from a big overseas buyer, and added 18 cent to its share price which closed the day at €7.75.

Paddy Power was also in good shape yesterday, gaining 3.10 per cent, or 71 cent, bringing it to €23.61. Ryanair gained ground on the back of its announcement of 11 new routes yesterday, and traded up by 5 cent to €5.00.

Traders reported good interest in Irish Life & Permanent, which led the way in the financial sector and closed at €18.79, up 51 cent.

Anglo Irish Bank got back on track, jumping by 2.21 per cent, or 32 cent, to €14.82.