DUBLIN REPORT: Iseq: 3,361.88 (+51.12) Settlement Date: October 13thTHE ISEQ continued to climb yesterday, supported by a strongly positive CRH. The building materials group ended the session 93 cent higher at €20 on the back of positive economic news from the US, from where it draws much of its business.

Stocks in the same sector did well too, with Grafton up by 12 cent at €3.80 and Kingspan ahead by 12 cent at €6.51 by the close.

Less strong were the banks, which continue to bounce around in anticipation of the establishment of Nama.

Tomorrow’s meeting of the Green Party and its possible consequences for political stability also weighed on the sector yesterday, with AIB finishing flat at €3.015 and Bank of Ireland dropping 3 cent to €2.97.

Irish Life & Permanent, which is not directly involved in Nama, rose by 16.6 cent to €5.591.

Aer Lingus was still reeling after Wednesday’s radical cost-cutting announcement, with shares declining by 2 to 72 cents yesterday.

Ryanair, which blamed the Department of Transport for its rival’s malaise, fell by 4 cent to €3.45.

The main provider of hard news yesterday was drinks group CC, which reported a 13.6 per cent drop in operating profit for the first half. Its stock was punished, shedding 8 cent to close at €2.92 despite analysts taking hope from management’s decision to maintain full-year guidance.

Independent News Media had another difficult day, closing a shade weaker at 23 cents.

Back on the positive side, Smurfit performed strongly, rising by 18 cent to €5.80 as investors took a bet on a growing feeling of economic recovery in Europe.

Exploration and mining stocks were in favour across Europe, with Tullow doing well in London as it closed 59p stronger at £12.29.