Iseq finishes up despite weak global markets

The Iseq closed up 7.63 points at 6,103.72 yesterday despite weak global markets due to concerns about higher than expected consumer prices in the US and a possible further hike in interest rates.

Trading was relatively light with Easter approaching and very little newsflow on the day.

Ryanair was among the best performing on the market yesterday as investors reacted to a dip in oil prices and the positive trading statement from EasyJet a day earlier.

Shares in the low-cost airline closed up 26 cent at €6.15 recovering some of the losses of recent weeks as it proved the most active stock on the Iseq.

Traders said the fall in crude oil prices to below $55 a barrel encouraged investors, enabling the stock to gain momentum.

Other strong performers were Icon, which added €1.29 to close at €29.20, and AIB, which closed up 10 cent at €15.95.

Anglo Irish Bank also had a good day adding 21 cent to close at €20.18 as non-executive director Lar Bradshaw bought 10,000 shares.

Bank of Ireland shed a further eight cent to €12.22 in the aftermath of its announcement of cost cuts that will see it shed 12 per cent of its workforce.

Eircom was among the biggest losers on the day as the market reacted negatively to the communications regulator's decision to maintain a price cap on a basket of services. The stock fell five cent to close at €1.90 with more than four million shares traded on the day as investors speculated on Eircom's ability to maintain its revenues.

CRH continued its losing run from Tuesday shedding another 30 cent to close at €20.25. The building materials group Kingspan lost 10 cent to close at €9.53.

Meanwhile, shares in Iona Technologies were up 5 per cent on the Nasdaq last night as the ISEQ Index closed. The company, which is trading near its historic low, presented at the Lehman Brothers 2005 Global IT services, telecoms and internet conference.