The Irish stock market finished the day little changed as Kingspan's trading statement and second-quarter results from AIB associate M&T, provided the main highlights.
Shares in the Cavan-based building materials company jumped by 29 cent, or 2.8 per cent, to €10.65 as Kingspan said it had enjoyed a strong first-half performance and expected to beat market expectations this year. Analysts set about upgrading their forecasts for the company, whose shares briefly touched a high of €10.73 before some profit-taking set in.
In contrast, shares in AIB shed 10 cent to €17.75 despite a solid set of results from its 23 per cent-owned associate, M&T, which beat market expectations.
The rest of the banking sector was mixed as Bank of Ireland lost 13 cent to €13.37, Irish Life & Permanent finished unchanged at €14.40, while Anglo Irish Bank added 23 cent, or 2.2 per cent, to €10.49 as more than four million shares were traded.
However, dealers said trading volumes in Anglo, as well as in CRH, Jurys and FBD, were boosted by holders of contracts for difference (CFDs) rolling over their contracts to avoid stamp duty.
Eircom again shrugged off the recent weakness associated with the likelihood of a fund raising to close three cent, or 1.7 per cent higher at €1.84.
Grafton, which has been under pressure lately due to worries about the slowdown in UK consumer spending, gave up a further five cent to €8.80.
Shares in Jurys Doyle slipped back by 10 cent to €15.70 as the market waits to see if Precinct returns with a firm offer for the hotel group by Friday's deadline, which remains in place despite its application for an extension.
In the technology sector, Iona lost 17 cent, or seven per cent, to €2.18 in Dublin ahead of the release of second-quarter results and third-quarter guidance on Thursday.
Housebuilding group Abbey, which is also due to release full-year results on Thursday, gave up nine cent to €9.65.
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