DUBLIN REPORT: Iseq:3,332.98 (+2.18) Settlement date:April 15th
INDEPENDENT NEWS & Media (IN&M) proved one of the busiest stocks on the Dublin market yesterday after Deutsche Bank issued a positive report on the stock.
In the report, the investment bank upgraded its recommendation on IN&M to “buy” and set a price target of 18 cent.
Brokers noted that the recent heavy trading in the company continued yesterday, and the stock nudged upwards from 11.7 cent to 12.4 cent.
Elsewhere, AIB was a little weaker on the day, slipping back by four cent to €1.50.
One broker speculated that this may have been due to some negative commentary in the Wall Street Journal relating to the commercial real estate exposure of MT Bank, in which AIB has a stake.
In addition, the bank’s US line of shares had finished a little weaker on Friday evening, so there was some “catch-up” on the Irish market yesterday morning, another broker noted.
Bank of Ireland was up on the day, gaining three cent to close at €1.76. Irish Life & Permanent was also firmer, rising more than 3 per cent, or 10 cent, to €3.40 on good volume. Insurance group FBD closed up about six cent at just under €7.72.
Outside the financials, the market was pretty uneventful, with volumes extremely light. Packaging group Smurfit Kappa added about 2.5 per cent, or 17 cent, to almost €6.78, boosted by “talk of a European recovery”, a broker said. No-frills airline Ryanair marked time at the €4 level, while rival carrier Aer Lingus dropped one cent to finish just above 74 cent.
Kingspan came off recent highs and finished down 25 cent at €7.10, while Grafton Group moved upwards in early trade, but then lost ground to close down 1.5 per cent, or five cent, at just below €3.35.
