Iseq holds its own as Dubai fallout shakes confidence

DUBLIN REPORT: Iseq: 2,845.66 (+53.96) Settlement Date: December 2ndAS THE fall-out from Dubai's debt difficulties continued to weigh on investor confidence across the globe, the Iseq held its own yesterday, managing to slightly outperform its European counterparts.

Strong performances by CRH and Ryanair ensured that the Dublin market ended the week in the black.

Having fallen as low as €16.20 in early trade, construction giant CRH rebounded to make steady gains throughout the day, ending the session at the higher end of its trading range, at €17.15, a gain of 2.7 per cent.

Ryanair reversed a poor performance in the previous two sessions to advance a solid 3.5 per cent on the day, closing at €2.84.

A drop in oil prices on the back of fears about the global economy may also have boosted airline stocks. Aer Lingus had a good day, closing 3.7 per cent higher at €0.55.

AIB, which saw the most dramatic falls in the previous session, was the best performer among the financials yesterday. It closed 2.5 per cent higher at €1.64. After opening lower, Bank of Ireland rebounded to close up 1.5 per cent, at €1.70. Irish Life and Permanent also advanced by 1.5 per cent, ending the session at €3.48.

Independent News & Media advanced 3.5 per cent on the day, following indications from management that it would not engage in further debt restructuring in the near future and its announcement to the stock exchange that its new rights issue will begin next Tuesday.

However, traders noted that volumes were light in the stock, and the share price fell back slightly in afternoon trade, having gained 10 per cent at one stage.

Total Produce advanced 6 per cent on the day after the fruit and vegetable distributor announced it is to acquire British exotic fruit importer Utopia.