Iseq tracks European markets, rising 1.2%

Iseq: 2,907.42 (+34.50) Settlement date: June 24th

DUBLIN RECOVERED some ground yesterday, driven by a lift in European markets which were optimistic at the close of business that Greece’s socialist prime minister, George Papandreou, would survive a confidence vote and that the country would move a step closer to avoiding a default.

The benchmark Iseq index of Irish shares rose 34.5 points or 1.2 per cent to close at 2,907.42, aided by increases in the value of leading stocks.

Dublin’s biggest stock, international building materials group, CRH, gained 41.5 cent or 2.9 per cent to close at €14.715. Around half a million of the company’s shares changed hands.

Low-cost airline, Ryanair, which announced that it has signed a memo of understanding on the development of a new aircraft with Chinese group, Comac, rose 5.4 cent or 1.54 per cent to close at €3.57.

Just over two million shares in the company changed hands in Dublin.

Drug developer, Elan, rose 2.74 per cent to close at €7.346. The shares dipped slightly during the morning session, but gained ground in late afternoon following a 2 per cent jump in the stock’s value in New York, where most of its equities are traded. Investors bought just over 280,000 of its equities in Dublin yesterday.

Packaging specialist, Smurfit Kappa, made good ground in the morning, reaching €7.90 at one point, before slipping back slightly an ending the day 0.9 per cent up at €7.87. About 550,000 of the packaging group’s shares were traded in Dublin.

Dairy and ingredients group, Glanbia, fell 1 per cent to close at €4.85. In a related sector, convenience food producer, Greencore, shed 1.44 per cent to end at €1.03.

Among the banks, home lender and life group, Irish Life and Permanent, dropped 5.7 per cent to end the day at 6.6 cent.