Paddy Power jumps 2% while Glanbia slips back

Iseq:2,970.08 (–6.16) Settlement date:May 3rd

THE ISEQ edged closer to the key 3,000 resistance level yesterday, before slipping into the red as investors awaited the US Federal Reserve’s decision on monetary policy.

Global markets rose initially, supported by estimate-beating results from corporates such as Ericsson and Whirlpool. The Irish market was about 1 per cent ahead at lunchtime but lost its gains during the afternoon session as investors adopted a “wait and see” stance ahead of Federal Reserve chairman Ben Bernanke’s inaugural news briefing yesterday evening.

By the closing bell, the Iseq was about 0.2 per cent down at 2,970.08.

Paddy Power continued its good run of form however, recording an all-time high of €32.99 at one point. It retreated a little to close at €32.50, but this still represented a gain of about 2 per cent on the day.

Elsewhere, Ryanair was well bid, and moved ahead in line with its sector. The low-fares airline finished more than 2 per cent higher, or seven cent, at almost €3.43.

Kenmare Resources fell more than 3 per cent or almost two cent, to 51 cent, on news that work had been temporarily suspended at its Moma mine in Mozambique due to an unofficial strike.

Kenmare said annual wage negotiations with the employees’ union had been “progressing” when an unofficial strike was called by a group of employees. The company is now working with worker representatives “towards an early resolution of the issues”.

Glanbia came off a little despite an announcement by New Zealand dairy producer Fonterra that export volumes hit a record high in March due to strong demand in Asia. Glanbia has put in a strong performance of late, but saw profit-taking yesterday and slid almost 3 per cent, or 13 cent to €4.42.