DUBLIN REPORT: Iseq: 3,108.17 (+10.13) Settlement date: January 21stTHE ISEQ index inched ahead fractionally on what was a very quiet day internationally due to the closure of US markets to mark Martin Luther King Day.

The oil exploration sector proved the most active on the Dublin market. On Sunday, Tullow Oil announced that it is to exercise its pre-emption rights to buy Ugandan assets from its partner Heritage Oil Gas. On the back of this news, the stock gained almost 3.5 per cent, or 52 cent, to €15.51 in Dublin and on the London stock exchange it rose 2.2 per cent to £13.69.

Dragon Oil was one of the most active names on the day, jumping almost 5 per cent, or 25 cents, to just under €5.22 on quite strong volume. Brokers said that there was no specific newsflow behind this bounce and speculated that it may have just been a positive feed-through from the rest of the sector.

The largest stock on the Iseq index, building materials group CRH, was up just shy of 1 per cent on very light volume at €18.22.

Grafton Group was also a winner on the day, adding 1.25 per cent – just under four cents – to €3.16. The second-biggest component of the index, low-fares airline Ryanair, closed flat at €3.39, after hitting €3.43 earlier in the day.

Elsewhere, the banks barely moved. Irish Life Permanent fell from a daily high of €4.10 to just under €3.94, a gain on the day of little more than one cent.

AIB added a few cents during the session but later surrendered those gains to finish flat at €1.48, while Bank of Ireland slipped marginally to under €1.52.

In the food sector, Glanbia closed off almost 2 per cent, or five cents, at €2.65. According to one broker, it appeared that one large shareholder was trying to offload stock during the session.

Business support services group DCC traded up by about 0.5 per cent, or 10 cents, to €21.02.