Iseq drifts up in light trade boosted by heavy hitters

Iseq: 2,497.23 (+33.35) Settlement date: September 21st:GLOBAL MARKETS gained ground yesterday, but Dublin dealers reported little conviction in Irish price rises, citing poor volumes and limited domestic newsflow.

In the bond markets, yields fell in Italian and Spanish debt on the back of purchases by the European Central Bank. Irish debt also rose a touch over all maturities, except three years.

Amid all the uncertainty, the Iseq posted a 1.35 per cent climb, boosted by gains in some of its heaviest hitters. CRH was ahead by 14 cent at €11.68 at the close, aided by news that the US Senate had approved a six-month extension to the US highway/aviation programme.

Aryzta also climbed, as the possible sale of its stake in Origin remained to the fore. Shares rose by 70 cent to €33.06. Also in food, Greencore did well after its takeover target, Uniq, issued mostly-solid results. Shares rose by 3 cent to end the session at 60 cent.

DCC was also solid too, reversing the previous day’s losses as it rose by 56 cent to €18.10.

Elan shed 11 cent to close at €7.00, after its latest Tysabri update showed nine new cases of brain illness PML last month.

Petroceltic gained in Dublin but finished almost 17 per cent lower at 4.28p in London after issuing what analysts described as a disappointing update on its Algerian appraisal programme.

Bank of Ireland was considered to be the main Irish victim of triple-witching yesterday, with the stock registering quite heavy volume. It closed 0.1 cent weaker at 7.5 cent.

Aer Lingus was stronger as investors mulled the Government’s decision to sell its stake in the airline. It rose 2.5 cent to 70.5 cent. Rival and shareholder Ryanair ended 5.3 cent lighter at €3.016.

Smurfit Kappa was resilient, despite less-than-encouraging news about pricing. Shares were 14 cent higher at €4.89 at the close.