CRH and Kingspan help push Iseq up 1.92%

Iseq:2,867.17 (+53.89) Settlement date:March 29th

THE ISEQ quietly tracked international markets yesterday, rising by 1.92 per cent on extremely anaemic volumes.

Dealers said investors had been “sitting on the sidelines” for much of the week, weighing up the combined risks attached to upheaval in the Middle East, Portugal’s likely bailout and next week’s Irish bank stress tests.

The banks were under varying degrees of pressure, with Bank of Ireland down 1.79 per cent at 27.4 cent and AIB, on the junior market, unchanged at 18.5 cent. Irish Life Permanent bucked the sectoral trend with a 2.84 per cent jump to 68.9 cent.

Market heavyweight CRH was the main driver behind the overall increase in the Iseq, with shares in the building materials firm gaining 51.5 cent, or 3.28 per cent, to close at €16.195.

Kingspan also progressed, rising by 19 cent, or 3.09 per cent, to €6.34. Goodbody noted that the firm could be boosted by a commitment in Wednesday’s UK budget to pursue energy efficiency for households.

Grafton gained too, rising by 16.5 cent, or 5.07 per cent, to €3.42.

The UK budget provided less inspiring news for Tullow, which will be affected by the chancellor’s supplementary tax on the oil and gas industry. Shares were flat at €15.76.

United Drug shares closed one cent weaker at €2.35.

The market’s two aviation stocks did well, with Aer Lingus up one cent at 79 cent and Ryanair closing 0.5 cent stronger at €3.22. Other winners included CC, which rose by 5.5 cent to €3.30 and DCC, was up 24.5 cent to end at €22.39.

Food stock Aryzta was also strong, rising by 45 cent to €34.00. Greencore rose too, adding two cent to close at €1.19. Kerry weakened slightly, falling by eight cent to €26.20.