Iseq advances almost 3% as CRH surges ahead

Iseq:2,792.61 (+79.61) Settlement date:March 22nd

THE FACT that it was St Patrick’s Day did not stop some people trading in shares yesterday as the experience of the Dublin exchange mirrored that of its counterparts elsewhere.

A view that the nuclear plant crisis in Japan was not quite as terrible as was being reported on Wednesday lifted the mood, according to one trader. The general feeling was that the sell-off of the past week had been overdone and yesterday saw the inevitable reaction to that, according to another trader.

Across Europe traders said hedge funds moved into the market after stocks fell for six days running to the lowest prices in 2½ years. Speculation that the Group of Seven nations will move to calm markets also added to the positive sentiment.

The Iseq finished the day up 2.93 per cent.

The largest stock on the exchange, CRH, finished the day at €15.30, a rise of 5.52 per cent and a price that brought its market cap to €10.85 billion.

Another of the major stocks on the exchange, Ryanair, did not do quite as well as its chief executive’s horses on Wednesday, but had a reasonable performance. It closed at €3.24, an increase of 3.38 per cent.

That was better than Paddy Power which closed at €28.99 a rise of 0.31 per cent.

Kingspan was the big mover of the day, rising 10.75 per cent, to end at €6.70.

Bank of Ireland ended at €0.29 a rise of 1.72. AIB rose €0.21, up 0.95 per cent. Irish Life Permanent finished at €0.59, a fall of 2.95 per cent.

Glanbia closed at €4.20, a rise of 2.94 per cent. Kerry Group rose 1.87 per cent, to close at €26.67. Aryzta was down 0.56 per cent, at €32.91.

Independent News & Media ended at €0.59, a rise of 0.85 per cent.