Kingspan rises on back of UK budget provisions

Dublin Report: The Irish market picked up slightly yesterday after a quiet start to the week. Momentum was boosted by the UK budget on Wednesday, which propelled positive performances from Irish building supply companies.

Kingspan, which supplies insulation to homebuilders, had a good day, with strong demand for its shares on the back of energy-saving demands in the UK budget. The stock rose 29 cent, or 2.3 per cent, to close at €12.65. Dealers expected to see continued demand in the stock, saying it could soon reach €13.

CRH was also busy, rising 20 cent, or 0.7 per cent, to end the day at €28.40.

Among the financials, Irish Life & Permanent continued its recent good run, ending up 32 cent, or 1.7 per cent, at €19.62.

Allied Irish Bank also had a good day, which one trader attributed to a positive report from Morgan Stanley about Irish banks. The shares added six cent, or 0.3 per cent, to close at €19.43.

However, things weren't quite so rosy for Bank of Ireland and Anglo Irish Bank. Bank of Ireland slipped two cent, or 0.1 per cent, to €15.28, while Anglo was down three cent, or 0.2 per cent, at €13.32.

Demand was again strong for Irish food group Greencore, which saw its shares rise three cent, or 0.8 per cent, to end at €3.83. Dealers said they were seeing increased interest in the stock as speculation spread about the future of its property portfolio. They said there was nothing unusual in US hedge fund group Millgate Capital taking a 3 per cent stake in the company earlier this week and said they wouldn't be surprised if other investors moved into the stock over the coming days.

Elan recovered some of the losses it made on Wednesday, adding 25 cent, or 2.2 per cent, to end the day at €11.45.

Tullow rallied towards the end of the day, closing up 8 cent, or 1.7 per cent, at €4.83, after losing some ground at the outset following rumours that it may be banned from gas exploration on the country's coral island due to fears of environmental damage.