Kingspan loses ground in spite of strong results

Market Report: Kingspan and Irish Continental Group (ICG) were among the main points of interest on the Irish stock market yesterday…

Market Report: Kingspan and Irish Continental Group (ICG) were among the main points of interest on the Irish stock market yesterday as both released full-year results.

Shares in the building materials company lost 10 cent to €11.80, despite releasing a strong set of results for 2005.

Dealers said that the absence of any significant upgrades prompted some profit-taking in the stock, which has gained more than 40 per cent over the last 12 months.

ICG fared better as shares in the shipping company added 10 cent to €11.95 as the results matched analysts' expectations. Dealers said the stock benefited from the view that the worst was over for the group.

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Shares in Elan also advanced as investors took the view that its multiple sclerosis treatment, Tysabri, would be allowed to return to the market, albeit in limited form, following a two-day Food And Drug Administration hearing in the US, which begins today.

In Dublin, the stock closed 39 cent, or 3.8 per cent, higher at €10.60.

But the main trading took place in New York, where 9.5 million shares had changed hands by the Irish close as the stock advanced by 1.8 per cent to $12.72. Banking stocks moved ahead, with AIB adding 19 cent to €19.14, Bank of Ireland up 20 cent at €15.10 and Anglo Irish Bank gaining 10 cent to €13.65.

But Irish Life & Permanent lost ground ahead of Wednesday's results, closing 32 cent, or 1.7 per cent, lower at €17.98.

CRH, which reports its 2005 figures today, added 30 cent to €27.55, although dealers said that volume in the stock was light as investors awaited the company's comments.

Elsewhere, dealers reported interest in C&C, which added nine cent to €5.74 while Grafton continued to edge higher, adding 14 cent to €10.30.

Fyffes also had a good day, gaining eight cent or 3.7 per cent to €2.23 following last week's results, while United Drug was up by 10 cent to €3.87.