Strong C&C results provide session's highlight

Drinks and snacks group C&C was the highlight on the Irish stock market yesterday as the group released better than expected first-half results.

Shares in the company rose by 11 cent, or more than 2 per cent, to €5.26 as the market welcomed the strong performance of the group's cider division and the prospect of further growth.

Analysts also set about upgrading their forecasts for the group and upping their share price targets. Deutsche Bank now believes that the shares can hit €6.50.

Financial stocks were mixed as the two main banks lost ground, but others closed higher. AIB shed nine cent to €17.75, while Bank of Ireland lost seven cent to €13.00.

Anglo Irish Bank had a better day, however, gaining 10 cent to €11.50 as it announced the opening of a new office in Birmingham, while Irish Life & Permanent was strong in light volume, adding 27 cent, or 1.8 per cent, to €15.15.

There was good volume again in Independent News & Media, with close to 5.7 million shares traded, as the stock recovered six cent, or 2.6 per cent, to €2.39.

Otherwise, trading was relatively uneventful, with the Iseq index of Irish shares finishing the day just six points lower. Ryanair had a quiet day, adding three cent to €6.78, with 2.9 million shares traded.

Elsewhere in the travel sector, Irish Continental Group remained unscathed by its current industrial relations difficulties, rising a further 19 cent, or 1.9 per cent, to €10.40.

Other movers yesterday included Tullow Oil, which added 19 cent, or nearly 5.7 per cent in Dublin, to €3.55 as dealers said investors took the view that the sell-off in the oil sector was overdone.

In the technology sector, Datalex shares added one cent to €0.62 amid buying by executive chairman Michael Quinn and non-executive director Cormac Whelan.

The Iseq Exchange Traded Fund shed 17 cent, or 1.2 per cent, to €13.58.

Settlement Day: October 14th