Paddy Power gains on favourable results

Market report:The Irish Stock Exchange closed the day in positive territory on the back of a strong run by bookmaker Paddy Power.

Shares in the company soared in early morning trading after a trading statement in which it said it had enjoyed an exceptionally favourable run in sports results.

At its annual meeting, the company said it expected to make an operating profit of around €58 million for this year, well ahead of analysts' estimates. It eventually closed €1.40 - nearly 6.5 per cent - stronger at €23.

Elsewhere, construction stocks enjoyed strong trading and many were ahead on the day.

Kingspan was the strongest performer, buoyed by strong figures from Danish peer company Rockwell. The Irish group, which has its annual meeting tomorrow, was up nearly 6 per cent to €22.50 at the close of business.

Speculation that Dermot Desmond might be building a stake in CRH led to a lot of activity in the stock and it closed the day 95 cent stronger at €35.70. The building materials giant has been subject to a number of rumours of stakebuilding in recent weeks, although no significant buyer has emerged.

Grafton was more than 3 per cent stronger at €12.14, but McInerney bucked the trend among construction stocks as it shed 10 cent to €2.67.

Sentiment continues to fly against Ryanair, with investors cautious ahead of its June figures. It was 17 cent weaker at €5.23.

Continuing uncertainty about Independent News & Media's bid for Australian media group APN saw its share price drop four cent to €3.60.

Financials had a quiet day. AIB was unchanged at €17.75, while Anglo Irish picked up 15 cent to €16.70. Bank of Ireland closed four cent up at €16.55, with Irish Life & Permanent nine cent off at €19.71.