Iseq up over 1% and leads way in gains across Europe

Iseq: 2,981.42 (+33.17) Settlement date: April 9th:THE IRISH market outperformed its peers yesterday on the back of gains by leading stocks such as CRH and Ryanair on a day that dealers said was busy despite the lack of any real news relating to companies listed on the Dublin market.

The benchmark Iseq index of Irish shares closed 1.13 per cent up at 2,981.42, a gain that was ahead of leading indices in London and the rest of Europe.

International building materials group, CRH, which accounts for about one third of the Iseq index, closed 1.43 per cent up at €16.70 after about 1.5 million of its shares changed hands in Dublin.

Dealers said that positive indications from key markets in Switzerland, where demand for cement is growing, and Poland, where cement shipments for the first three months of the year were ahead of 2010, aided CRH, whose peers remained largely flat.

Ryanair benefited from good news from smaller rival Easyjet, which reported a 12 per cent increase in passenger numbers during March. It was the third airline to report passenger numbers growth this week.

Ryanair gained 2.41 per cent to close at €3.395 in Dublin.

Aer Lingus, which numbers Ryanair among its shareholders, also benefited from the positive news from the sector, adding 4.8 per cent to close at 76.5 cents.

Drug developer Elan was the best performer on the day, adding 7.61 per cent to close at €5.24. Dealers said that large orders for the stock were driven by investors who were seeking to cover a May call option on the stock.

Just more than 1.1 million of its shares were traded in Dublin.

The three banks put in dismal performances, led by AIB, which shed over 8 per cent to close at 30.3 cents. Irish Life Permanent was worse, with a 7 per cent fall to 12 cents, while Bank of Ireland slid 3.43 per cent at 31 cents.