CRH leads Iseq highter

Irish stocks edged up again on a generally quiet day when a key influence on markets was news that 10 leading US banks were cleared to repay $68 billion to the Troubled Asset Relief Programme (TARP), indicating that stability is returning to the sector in America.

Dealers said that markets across Europe gained between 0.5 per cent and 1 per cent today as shares moved up on the news.

The performance fed through to Dublin, where the Iseq index of Irish shares gained 1.16 per cent, or 33.64 points to close at 2,929.6.

In London, the benchmark FTSE 100 added 32 points, just short of 1 per cent, to end the day at 4436.75. Its pan-European counterpart, the FTSE Eurofirst300 closed up 1.2 per cent at 879.98.

The banks were the most obvious beneficiaries of the good news from the US, with Irish Life & Permanent taking the lead and adding close to 7 per cent to end the day at €3.95.

AIB jumped 2.32 per cent to close at €1.985, while its rival, Bank of Ireland, added 2.04 per cent to close at €2.

Building materials giant, CRH, led the way in its sector, gaining 2.3 per cent to close at €17.80. Dealers reported that volumes in the stock were strong, with around five million units changing hands in Dublin.

In the same business, DIY and builders' merchant, Grafton added 0.6 per cent to close at €3.10. Insulation and flooring specialist, Kingspan, grew 5.6 per cent to close at €5.015.

Apart from CRH, dealers commented that most shares were lightly traded.

"Everything is ticking up on the news about the TARP repayments, but otherwise it's a quiet day and most stocks are a bit light," one pointed out.