Ryanair and CRH advance as volumes remain light

Iseq:2,537.46 (–11.78) Settlement date:August 19th

THERE WERE mixed fortunes on the Irish market yesterday, with both CRH and Ryanair adding to their gains, but many other stocks falling back. The Iseq finished the day almost flat on 2,537.46, down by 11.78 points or 0.46 per cent.

After falling back in early morning trading, due to the lower than expected economic figures coming out of Germany, the market rose once more on the back of good industrial production numbers in the US. However, there was a certain amount of expectation ahead of the European summit and volumes remained light.

CRH reported better than expected results yesterday, and while the outlook for the company remains muted the stock traded well. It added 14 cent or 1.1 per cent to close up at € 12.30.

Ryanair added to its gains over the past week, advancing by 2 cent or 0.5 per cent to finish the day up at € 3.10. However Aer Lingus slid backwards, losing 1 cent or 1.7 per cent to close down at € 0.59.

DCC was another stock in positive territory on the day. It added 25 cent or 1.4 per cent to climb to €18.25, while Paddy Power was also in the black yesterday. It advanced by 40 cent or 1.3 per cent to close up at €31.70.

Ahead of its earnings announcement today, food stock Kerry Group fell back slightly, losing 26 cent or 1 per cent to close down at € 26.54.

Also down was Greencore, which is expected to close its acquisition of UK sandwich maker Uniq shortly. It gave up 4 cent or 5.9 per cent to finish the day down at €0.56,

Smurfit Kappa reversed some of its gains of the past few days, dropping 31 cent or 5.4 per cent to fall back to € 5.45.

Drinks group C&C also traded down. It gave up 7 cent or 2.2 per cent to finish the day down at €3.17.