Kingspan hits high note as Iseq rises more than 1%

Iseq: 2,976.54 (+33.19) Settlement date: March 3rd: THE IRISH market rose more than 1 per cent yesterday as the domestic reporting…

Iseq: 2,976.54 (+33.19) Settlement date: March 3rd:THE IRISH market rose more than 1 per cent yesterday as the domestic reporting season got into full swing.

Kingspan stormed ahead by almost 5 per cent, or 36 cent, to close at €7, after reporting its first sales growth in three years. However, volumes in the name were very low, with little more than 100,000 shares changing hands on the day.

Aer Lingus came off more than 4 per cent on reasonable volume after it reported a return to profit for 2010, but issued a cautious outlook for the year ahead. There were a few sellers around in the stock, a broker noted, and it finished four cent off at 90.5 cent.

Cement stock CRH rose more than 2 per cent, or 34.5 cent, to almost €16.79 in advance of its full year results which are due out today and are eagerly anticipated by the market.

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Industrial holding group DCC also had a positive session, although volumes were pretty thin. The stock closed 2.4 per cent ahead, or 55 cent, at €23.25.

Elsewhere, packaging giant Smurfit Kappa outperformed much of its sector, gaining 30 cent to €9. Recently the stock has been trading about the €8.50 mark, but it is now back up at levels seen before it carried out a share placing earlier this month.

United Drug was well bid and rose ½ per cent to €2.35.

Bank of Ireland came under a little bit of pressure towards the end of the day, having traded reasonably well for much of the session. The late dip left it more than 4 per cent off, or 1.6 cent, at about 35 cent.

Irish Life Permanent continued to benefit from news of the transfer of deposits from Irish Nationwide and gained another 1.5 cent to close at 98 cent.

Overall, the Iseq index held its own among its European counterparts, adding about 33 points to 2,976.54.