Kingspan hits high note while AIB slips back

Iseq: 2,452.07 (+32.30) Settlement date: August 27th:A SOLID set of results from building materials group Kingspan was the big news on the Irish Stock Exchange yesterday. It reported a 32 per cent increase in revenues and saw its share price advance by 25 cent, or 4.3 per cent to €6.12.

Elsewhere, the Irish market was broadly in line with its European peers, steadily climbing throughout the day before falling back off its high in the afternoon when US markets opened. It closed up by 32.30 points, or 1.3 per cent, at 2,452.07.

Ahead of its results on Friday, Independent News Media outperformed on the day. According to analysts it has been oversold in recent weeks and it came off its low to add 4 cent, or 19.4 per cent, and closed up at €0.24.

Food group Glanbia, which also reports interim results this week, was up on the day. It added 11 cent, or 2.8 per cent to rise to €4.05.

Smurfit Kappa rose on the back of a debt upgrade. Moody’s upgraded the outlook on the paper and packaging firm’s debt to positive from stable and as a result the stock advanced by 21 cent, or 4.3 per cent to €5.12.

Ryanair gained as the price of oil fell back, and it added 2 cent, or 0.7 per cent, to climb to €3.11.

Construction stock CRH was also positive on the day. It advanced by 18 cent, or 1.6 per cent to finish at €11.29.

There was strong volume in Bank of Ireland ahead of its re-weighting in the Eurostoxx index. It added 2.2 per cent to close the day at €0.09.

Elan was down on the day it gave up 28 cent, or 4 per cent to finish at €6.76.

Grafton Group fell by 4 cent, or 1.5 per cent, to close down at €2.56, while AIB was another stock in the red yesterday. It lost 3.6 per cent to close at €0.05.

Tullow Oil is to report tomorrow, it lost 0.05 cent, or 0.5 per cent to close down at €10.40.