DUBLIN REPORT: Iseq: 2,722.52 (+31.31) Settlement date: June 4th: THE IRISH stock exchange managed to outperform European markets buoyed by strong performances across the financial sector closing up at 2722.52.
Financial stocks continued to make solid gains throughout the day bolstered by the impending establishment of the National Asset Management Agency, according to one broker. Bank of Ireland attracted strong buyer interest spiking 8.97 per cent to close at €1.70. Harris Associates continues to sell down its holding, announcing yesterday it holds holds a 7.7 per cent stake down from 8.3 per cent, according to a statement yesterday.
Allied Irish Banks jumped 5.63 per cent to end the days trading at €1.35. Irish Life Permanent also had a strong day closing at €3.37, a healthy increase of 2.43 per cent.
Ryanair outperformed other British airline stocks with a fractional rise to €3.63.
Food stock, Kerry Group, enjoyed an overall improved market sentiment, which saw the stock rise 1.21 per cent to €16.80. However, Greencore produced a relatively flat performance, rising slightly to close at €1.15 following its interim results earlier in the week. Meanwhile, CC increased 2.6 per cent to end the day at €2.25.
Smurfit Kappa stock gained steadily throughout the day peaking in lunchtime trading at €4.23 but eventually fell back slightly to close fractionally ahead on €4.001.
In the building materials sector, Grafton bounced 4.1 per cent to €2.79 while Kingspan bucked the general market trend by shedding almost 1.5 per cent on the day to close at €4.63. Market heaveyweight CRH was also weaker throguhout the day, finishing off 1.07 per cent at €16.60.
Another out of favour was Paddy Power, drifting 2.4 per cent to €17.08.
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