Iseq builds on earlier gains while CRH slips back

Iseq:3,015.54 (+21.36) Settlement date:July 7th

STOCK MARKETS across Europe enjoyed a buoyant start to the week yesterday, with all main indices finishing the session in positive territory, as concerns about Greece appeared to recede despite a warning from SP about the possibility of Greek default.

The strong opening followed Friday’s high close in the US, and a strong performance from Asian markets overnight, though analysts noted that volumes were light as US markets closed yesterday for their Independence Day holiday.

In Dublin, the Iseq had a decent day, closing up above the 3,000 mark at 3,015, a gain of ¾ per cent.

While volumes generally were low, there was reasonable volume in some names in morning trade.

Kerry Group was one of the best performers, with analysts noting incremental buying interest following the group’s long-term investor update last week. The share price touched highs of €30.02, before closing at €30, a gain of 50 cents or 1.7 per cent.

DCC was one of the most actively traded stocks on the day. The company gained 1.4 per cent to close at €20.47.

Dubai-headquartered Dragon Oil soared more than 8 per cent following reports that a Chinese company may make a bid for the oil explorer at 700p to 750p a share. It closed at €6.06 in Dublin.

Total Produce was also the subject of investor interest following news that a South African fruit company, in which Total Produce has a 12 per cent share, is subject to a €50 million bid. Total Produce closed flat at €0.40.

Meanwhile CRH, the largest constituent on the Iseq, slipped back following a strong run of late after US construction figures released on Friday indicated that highway construction was under pressure. CRH shed 1.6 per cent, to close at €15.24.

Kingspan was one of the strongest performers climbing by 3.7 per cent to close at €7.36.