MARKET REPORT: Irish shares bucked the weak international trend on the back of strong performances by the two main banks and Kerry.
Shares in the food group gained 70 cents, or more than five per cent, to €14.35 after international ingredients rival Givaudan posted better-than-expected profits for the first half of the year.
Dealers said the performance of the Swiss company.which is involved in the higher-margin flavourings business, augured well for Kerry's results, due on September 3rd.
AIB and Bank of Ireland also had a good day, ignoring a 2.4 per cent drop in European banking stocks.
Boosted by the possibility of inclusion in the Dow Jones Eurostoxx 50 index, AIB gained 45 cents, or more than three per cent, to €13.95 while Bank of Ireland was up by 20 cents, or 1.6 per cent, to €12.60.
The two big mortgage lenders did not fare as well with Irish Life & Permanent down three cents at €12.20 while First Active was off 10 cents at €4.75.
Meanwhile, the main industrial stocks were less insulated from the downward trend elsewhere. CRH lost 51 cents, or more than three per cent, to €15.04, after smaller rival Readymix posted a 12 per cent drop in pre-tax profits on foot of a downturn in the construction industry. Readymix shares closed down five cents at €1.40.
Pharmaceutical group Galen, a strong performer of late, gave up 15 cents to €6.15 in Dublin, despite UBS Warburg starting coverage of the group with a buy rating and a price target of 450 pence sterling. In London, the shares were down 0.9 per cent at 397 pence.
Other movers included Ryanair, which lost seven cents to €6.03, and Waterford Wedgwood, up five cents at €0.57.
