Iseq:2,818.03 (+95.51) Settlement date:June 5th
THE IRISH Stock Exchange played catch up yesterday on the gains made on international markets after being closed for trading on the bank holiday. The overall index finished up at 2818.03.
Brokers highlighted how the impressive performance of the Iseq was largely driven by this “catch up” effect and the solid performance of cyclical stocks.
The Iseq's largest component, CRH,was a key performer, rising 6.02 per cent to close at €17.60. One broker said the stock was feeding off improved sentiment gained from positive economic data coming out of the US.
Kingspan Groupalso benefited from the trend of people chasing money in this sector by jumping 11.23 per cent to close at €5.15. Grafton Groupfollowed suit, rising 15.05 per cent to finish the day's trading at €3.21. Smurfit Kappaalso attracted healthy volumes of trading, closing at €4.14, a rise of 3.47 per cent.
Brokers pointed to the same catch up cycle affecting financial stocks, which produced stellar performances, with Allied Irish Banksleading the day, closing at €1.598, a massive spike of 18.37 per cent. Bank of Irelandalso attracted buyer interest, rising 4.41 per cent to close at €1.775. Irish Life and Permanentlagged the other Irish financials but still reached a healthy €3.503, a rise of 3.95 per cent.
Ryanairlagged the market after announcing a full-year operating loss of €169 million and writing down the value of its Aer Lingus stake. The no-frills airline closed down at €3.536, a dip of 2.59 per cent. In contrast, Aer Lingusjumped 9.23 per cent to finish the day at €0.71.
Kerry Grouphad a muted day in the markets, closing down at €16.65, while Elanfollowed this path, dropping 0.47 per cent to finish at €5.275. Dragon Oilalso failed to make major gains, falling to close at €3.58.
