Iseq static following flat trading session

MARKET REPORT:Iseq: 2,948.13 (–2.93)

SMURFIT KAPPA and CPL Resources were the star performers on what was a fairly flat day for the Dublin market.

Packaging group Smurfit bounced on the back of positive commentary from its peer SCA and closed up 3.3 per cent, or 21 cent, at €6.51.

IEX-listed recruitment company CPL Resources issued interim results which was very favourably received by the market. Despite operating in a challenging environment, CPL has managed to build up cash balances of €42 million. The stock jumped 2.3 per cent, or five cents, on the back of the statement to €2.20.

Traders reported a sell-off in the building materials sector, but although CRH was weaker on the day, it outperformed its peers. The stock closed off 21 cents at €17.04.

Having been “beaten up” on Wednesday, the two main banking stocks fared somewhat better yesterday. AIB added about one cent to €1.23, while Bank of Ireland shed 2.5 cents to just under €1.29.

However Irish Life and Permanent slipped about 6.5 per cent, or 22 cents, to €3.12.

Airline stocks were also weak, with both Aer Lingus and Ryanair 1.5 cents lower at 66 cents and €3.33 respectively.

Tullow Oil, which raised €1 billion through a share placing on Wednesday, gained 30 cents to €13.60 on the Dublin market, but slipped by 1 per cent to £11.48 on the London stock exchange.

Elsewhere in the exploration sector, Dragon Oil announced yesterday that it has awarded the contract for the lease and management of a new jack-up rig in the Cheleken area of the Caspian sea to Yantai Raffles Offshore. The stock rose almost five cents over the session to finish at €4.70.

Overall, the Iseq index closed more or less unchanged at 2,948.13, with the result that it outperformed several of the main European markets.

Settlement date: February 2nd