Iseq recovery boosted by overseas momentum

Market Report: Shares in Dublin ended the week with the first consecutive session of gains yesterday, boosted by strong momentum overseas.

There were very few negative movers on the Iseq, which added 1.9 per cent to end the week at a high of 7,651.81.

AIB had a particularly good day, leading the surge on strong trading volumes. The stock, which saw almost 3.6 million units change hands, added 60 cent, or 3.3 per cent, to end the day at €18.90. Anglo Irish Bank was also a strong performer, gaining 30 cent, or 2.5 per cent, to €12.25.

As many as 1.6 million shares were in action.

Despite an upbeat agm trading update in which chairman Gillian Bowler said that lending growth was very strong, IL&P fared less well. The stock was up only five cent, or 0.3 per cent, at €18.80.

Bank of Ireland was one of the day's few losers, dropping 19 cent, or 1.3 per cent, to €14.10.

Returning to the gainers, CRH was also a strong performer, rising 55 cent, or 2.1 per cent, to close at €26.50.

Elsewhere drinks and snacks maker C&C was in demand, with 4.7 million shares changing hands. The stock rose seven cent, or 1.1 per cent, to end the day at €6.31.

Elan had another good day continuing the gains it made on Thursday on the back of positive news at its annual general meeting on Thursday regarding the expected return of its multiple sclerosis drug Tysabri to the market.

The shares rose 70 cent, or 5.1 per cent, to close at €14.35.

Grafton also had a good day, rising 31 cent, or 3.1 per cent, to close at €10.26, while Kingspan was up 20 cent, or 1.5 per cent, at €13.25.

IAWS was another star performer, rising 50 cent, or 3.6 per cent, to €14.35, while Paddy Power was up 26 cent, or 1.8 per cent, at €14.40.

A gain in the price of oil was good news for Tullow Oil, which has taken a particular battering in recent times. Yesterday the stock added 35 cent, or 7 per cent, to close at €5.35.