Dublin report:Activity was muted in the Irish market yesterday as a dearth of stock-specific news provided little momentum for the Iseq.
Kingspan and DCC were both good gainers, although volumes were light. Dealers attributed Kingspan's 1.5 per cent gain to the ongoing positive fallout from the environmental concessions announced in the UK pre-budget statement last week. As one of the largest makers of insulation board, Kingspan is expected to benefit significantly, especially as Ireland is likely eventually to follow suit. The shares added 27 cent, to close at €18.40.
DCC meanwhile rose 61 cent, or 2.6 per cent, to close at €24.11.
Elsewhere, Irish Life & Permanent was the star performer among the financials, ending the day up 25 cent, or 1.3 per cent, at €19.75. More than 1.1 million shares changed hands. The bank is due to release a trading update later this week and dealers said the market was expecting positive news following the good numbers and ensuing upgrades reported by rival banks this quarter.
CRH also had a good day, rising 38 cent, or 1.3 per cent, to close at €29.
Greencore had a significantly quieter day than on Friday when more than 3.6 million units traded, pushing the stock up 5.5 per cent. However, the fact that the stock surrendered only two cent yesterday was a good sign, according to one dealer, who said it may mean there is some truth in the speculation that property developer Liam Carroll had been behind the heavy trading. The stock closed yesterday at €4.41.
One of the busiest stocks of the day was newcomer Siteserv, which saw more than four million units change hands. Shares in the building services company rose as high as €1.08 before falling back to end the day unchanged at €1.02.
Settlement day: December 14th