Iseq closes up 1.7% and edges nearer to 3,000 mark

DUBLIN REPORT: Iseq:2,987.97 (+50.04) Settlement date:August 12th

THE ISEQ was lifted back up towards the key 3,000 resistance level yesterday, closing up 1.7 per cent at a shade under 2,984.

Bank of Ireland put in one of the strongest performances of the day, as banks across the globe generally went better. The lender gained more than 5 per cent, just over 4 cents, to close at 87 cents.

The Iseq’s biggest component, CRH, also helped to lift the market.

The building materials giant jumped 2.5 per cent, or 40 cent, to €16.39, after the latest Ulster Bank construction purchasing managers’ index showed that the pace of decline in Irish construction activity continued to ease in July.

There was very little red ink on the market yesterday, with the vast majority of stocks finishing the session in better shape.

Packaging group Smurfit Kappa notched up a gain of 2.4 per cent, about 19 cents, in advance of reporting its quarter-two earnings tomorrow.

The stock closed at just under €8.23.

In the airline sector, Aer Lingus was little altered at 98 cents after announcing it had carried 1.02 million passengers in July, which represents an 8.7 per cent year-on-year fall in traffic.

Rival carrier Ryanair broke through the €4 mark at one point during yesterday’s session, but retreated somewhat to close back under €3.96.

Elsewhere, oil and exploration company Dragon Oil fared well after releasing a strong set of interim results. The stock finished at just under €5.47, up 1.3 per cent.

Other winners on the day included Paddy Power, which added almost 2 per cent to close just below €28.44, and drug manufacturer Elan, which rose about 5.5 per cent to almost €4.05.

Overall volumes across Europe were “very, very quiet”, a Dublin broker said.