DUBLIN REPORT:Iseq: 2,827.87 (+96.66) SHARE VOLUMES traded in Dublin may still be light but there was little grumbling from traders yesterday as the Iseq continued the strong run of recent days.
The overall index finished up 96.66 points or 3.54 per cent to close on 2,827.87.
While this was in line with global equity performances one trader noted that it would be next week before we see if there is a “real follow through” from the recent market movements.
Although the banks were among the best performers, relatively few shares changed hands. Bank of Ireland performed strongest in terms of volume traded and percentage gains. It finished up 8.7 per cent at €1.74 on a volume of 2.7 million shares. Just over one million ILP shares were traded but that was enough for it to gain 8.2 per cent to €3.30. Allied Irish Banks also had a strong performance, adding 6.5 per cent to close on €1.74.
Dealers noted that investors are continuing their move into riskier equities. Consequently, financials and construction-related stocks benefited while more defensive sectors like food and pharmaceuticals experienced a quiet day.
Index heavyweight CRH continued its upward momentum on the back of positive US sentiment. It added another 4.35 per cent to finish at €17.75.
Cider maker CC continued to attract interest from buyers and with two million shares traded, market participants said there was at least one large seller at play. It finished on €2.04, a 3 per cent gain, but traded as high as €2.07 earlier.
Industrial holding group DCC had a rollercoaster ride but buyer interest in the afternoon bid it up 3.3 per cent to €15.09.
Although it had been in positive territory for much of the session, Independent News Media slipped back and closed down 4.35 per cent at €0.22.
Settlement Date: July 28th
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