Market Report:The Iseq outstripped all other major global indices yesterday, rising by 1.11 per cent to close the day at another record high.
The strong performance was led by financial stocks, with construction stalwarts such as CRH and Grafton Group also playing their part.
Investor interest in C&C was whetted by positive data released yesterday, which indicated that sales of Magners in the UK off-licence market had held up, despite an anticipated "winter trough" . The stock closed at €12, having gained 10 cent.
According to one trader, a number of hedge funds closed off short positions in C&C in anticipation of further positive announcements.
Irish Life & Permanent was the star performer of the financial sector yesterday, finishing the day up 2.09 per cent or 45 cent at €22. But most of the activity was in the two major banks where there was decent buying interest. Both AIB and Bank of Ireland finished 28 cent firmer on €23.25 and €17.95 respectively.
FBD Holdings benefited from recent statistics that road deaths are on the wane, as a reduction in insurance claims is expected to translate into higher profits. The firm added 2.69 per cent to its value, leaving its share price at €42.
In the construction sector, CRH was in vogue, rising by 2.64 per cent to close at €32.22. This uplift came on the back of strong results for the company's US peer, Martin Marietta Materials.
Fyffes and its property spin-off Blackrock International had another busy day, as speculation persisted that certain developers are building up stakes in both companies. Fyffes added 2.61 per cent to finished at €1.18, while Blackrock climbed by 3.64 per cent to 0.57 cent.
