Banks back in favour as BofI soars more than 13%

Iseq: 2,989.72 (+19.64) Settlement date: May 4thTHE ISEQ had a reasonable day yesterday, climbing by 0.66 per cent on continuing weak Easter volumes.

The banks did well, although dealers could report no news flow to drive prices. Bank of Ireland finished 13.6 per cent, or 3.4 cent, stronger at 28.4 cent, while AIB climbed by 1.2 cent to 24.1 cent. Irish Life Permanent was up by 0.3 cent to 15.7.

Elsewhere, Paddy Power reached an all-time high of €33.09. This marked an increase of 59 cent on the day.

Petroceltic was among the few news makers on the day, with the announcement of the sale of an 18.4 per cent stake in an Algerian interest lifting shares up 12.5 per cent, or 1.5 cent, to 13.5 cent.

Kenmare Resources also rose a touch, climbing by 0.1 cent to 51.1 cent after reporting that production at its Moma interest in Mozambique had restarted following industrial action.

Still in exploration, Aminex gained 0.1 cent to close at 9.5 cent after upgrading its proven and probable reserves in the US state of Louisiana.

Kerry was a loser yesterday, falling by 55 cent to €27.90 as investors took profits from gains notched up earlier in the week.

Glanbia also fell, shedding 7 cent to end the session at €4.35.

Market heavyweight CRH treaded water, closing 2 cent higher at €16.51. Investors will look forward to an update on trading at next week’s agm, having this week gained a snippet of news on the group’s part-owned Portuguese asset Secil, which reported a 3.5 per cent decline in sales for the first quarter.

Smurfit Kappa rose by 6.8 cent to €9.30.

Kingspan was weaker too, falling by 5 cent to €6.50.

The cost of insuring Irish bonds against their default rose with Irish 10-year yields reaching a record high.