Iseq: 2,939.69 (+0.69) Settlement date: April 19thTHE ISEQ outperformed most European markers yesterday, as sentiment turned against mining and financial stocks, and finished the day marginally in positive territory at 2,939.69, up 0.69 per cent.
Bank of Ireland gained 3.6 per cent before lunch and was trading at 28.6 cent at midday on the back of reporting a pretax loss of €950 million for 2010. This was better than the market expected but any positive feeling towards the financials dissipated in the afternoon, when the Department of Finance began moves to force burden sharing on the owners of subordinated debt in AIB.
Irish Life & Permanent was the biggest gainer on the day, adding 5.7 per cent to close on 14.8 cent, Bank of Ireland held its own closing at 27.9 cent, up 1.09 per cent, while AIB was unchanged at 24 cent.
However, as one trader noted the banks continue to attract “ridiculously random trades” with little logic to their price movements.
There was more positive news in other sectors with bookmaker Paddy Power adding just over 3 per cent to finished on €32.19.
The stock has been on a good run but traders said there may have been some read through from the announcement by British peer William Hill that it is to enter the US market.
Smurfit Kappa is on course to trade 2.5 times its normal weekly volume. The packaging group closed at €9.10, down 2.1 per cent.
Despite Minister for Transport Leo Varadkar confirming discussions between the Government and airlines over abolishing the €3 air travel tax are under way, there was little move in the stocks. Aer Lingus was unchanged at 80 cent, while Ryanair was off slightly at €3.42.
Donegal Creameries was up 3 per cent to €4.10 after annoncing a 14 per cent jump in operating profit in 2010.
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