Solid CRH performance helps Iseq tread water

Iseq:3,318.56 (–3.91) Settlement Date:October 20th

THE ISEQ slipped back yesterday in line with global markets after a very strong performance in the previous session. It slightly outperformed its peers in Europe for most of the session, ending the day only marginally lower, mainly due to an advance by index-heavyweight CRHwhich finished up 0.5 per cent on good volumes.

The two main banks were down following the announcement by the Minister for Finance on Thursday evening of a draft business plan for the National Asset Management Agency (Nama).

The fall-off also reflected trends in financials globally, as US banking earnings failed to live up to the better-than-expected results posted by JP Morgan on Wednesday.

AIBwas weak throughout the day, closing 3.5 per cent down to end the session at €2.76. Bank of Ireland, also traded lower throughout the session, closing 3 per cent off, a drop of nine cents, at €2.75.

Irish Life & Permanent, which is not directly effected by Nama, advanced on the day, ending over 2.5 per cent higher at €5.50.

It was a good day for Smurfit Kappaand Kerryyesterday, with both stocks advancing 2.5 per cent. Packaging company Smurfit continued its run of recent days, gaining 15 cent on the day to end at €6.15.

Volumes were above average on Kerry Group, which gained 50 cents to end at €20. Its price may have been boosted by positive news from European food groups

Independent News & Mediawas another strong performer. It advanced over 8 per cent – a gain of two cents – on well-above average volumes.

As the price of oil continued to rise, Ryanairwas off 6 cents – just over 1.5 per cent – at €3.39. Former State carrier Aer Lingus, which traded lower for most of the day, rallied in late trading to end the session flat at €0.74.