Iseq:2,748.52 (+50.74) Settlement date:June 2nd
THE IRISH stock exchange managed to outperform European markets buoyed by strong performances across the financial sector closing up at 2,748.52.
Financial stocks continued to make solid gains throughout the day bolstered by the impending establishment of the National Asset Management Agency (Nama), according to one broker. The Bank of Irelandattracted strong buyer interest spiking 7.26 per cent to close at € 1.61.
Harris Associatescontinues to sell down its holding, announcing it holds a 7.7 per cent stake down from 8.3 per cent.
Allied Irish Banksjumped 4.75 per cent to end at € 1.345. Irish Life and Permanentalso had a strong day closing at € 3.29, a healthy increase of 9.66 per cent. Ryanairlargely outperformed UK airline stocks and jumped 7.99 per cent to € 3.554. Kerry Groupenjoyed an overall improved market sentiment, which saw the stock rise 2.99 per cent to € 16.84. However, Greencoreproduced a relatively flat performance rising slightly to close at € 1.05.
Meanwhile, C&C,which announced plans for price cuts on Tuesday, increased 3.35 per cent to end the day at € 2.28.
Smurfit Kappadid well with investors chasing beta market performance, one broker said. The stock gained steadily, peaking in lunchtime trading at € 4.23 but eventually fell back slightly to close at € 4.08, a jump of 8.51 per cent from the previous day's trading. Graftonbounced 6.03 per cent to € 2.81 while Kingspanended the day at € 4.86, an increase of 3.40 per cent. Tullow Oil, which briefs shareholders in Dublin today, enjoyed solid buyer interest by closing up 2.19 per cent to finish at € 11.39. CRHlagged the market falling steadily throughout the day to finish down 2.11 per cent at € 17.57. Paddy Powerended the day at € 17.20, a minor rise of 0.29 per cent.
