Market rebound outpaces European counterparts

Market Report: The Irish market rebounded yesterday following its pitiful performance in recent days as dealers breathed a collective sigh of relief that the bad times may be over for the time being. The Iseq, which rose 2.9 per cent to close at 7,391.44, even outpaced its main European peers, lagging only behind the German market.

Volumes were strong across the board, with particularly heavy interest in the financials. All the so-called heavyweights, which together make up a large proportion of the Irish market, had a "stellar" day, according to one dealer.

The star performer was yet again C&C. As another dealer put it, the drinks and snacks maker just can't seem to put a foot wrong at the moment. The stock, which is up almost 40 per cent so far this year, added 47 cent, or 6.3 per cent, to close at €7.97. As many as 1.6 million shares changed hands.

AIB put in a particularly good performance, gaining 93 cent, or 5.3 per cent, to end the day at €18.43, while Bank of Ireland was up 34 cent, or 3.4 per cent, at €13.60.

However, the busiest of the financials was Anglo Irish Bank, which saw as many as 9.6 million shares change hands. Still, the stock fared slightly less well, ending the up only 24 cent, or 2.2 per cent, at €11.14.

Elsewhere, CRH made a small recovery following its recent poor performances. The building materials supplier, which has suffered as a result of negative sentiment in the US housing sector, added 70 cent, or 2.8 per cent, to end the day at €25.45.

Ryanair was also among the gainers, continuing with the positive performance it put in yesterday, adding 27 cent, or 3.7 per cent, to close at €7.60.

Another positive mover was Kingspan, which rose 40 cent, or 3.2 per cent, closing at €12.95.

Fyffes was also a strong performer, rising four cent, or 2.8 per cent, to end the day at €1.48, while Paddy Power, unaffected by the clampdown on online gaming companies in the US, closed up 20 cent, or 1.6 per cent, at €12.70.