CRH supports quiet Iseq

It was another quiet day on the Irish bourse as investors continued winding down for the Christmas period, but a solid performance…

It was another quiet day on the Irish bourse as investors continued winding down for the Christmas period, but a solid performance from CRH helped to support the Iseq.

The three listed banks all softened on a day that brought the publication of new banking legislation. However, one Dublin broker noted there wasn’t “a big drop off” in the banks’ share prices, as the full implication of the Credit Institutions (Stabilisation) Bill has yet to be fully absorbed. Furthermore the banks’ final prices may have been artificially depressed due to a number of sell orders placed around the close, he said.

Irish Life & Permanent closed about 6.7 per cent, or eight cent, down at €1.12. Bank of Ireland and AIB shed more than 4 per cent apiece, but both stocks are trading at such low levels that this translated into falls in the order of just two cent each.

Cement stock CRH firmed up, though there was no stock specific news. It closed about 2.5 per cent higher - or 38.5 cent - at €15.60. One broker attributed the gain to “a little bit of a better feel to the whole sector”. Even though it is a case of “two steps forward, one step back”, there are a few signs that the US market may be improving, he said. CRH has a very large exposure to the United States, and therefore benefited from the small improvement in sentiment.

READ MORE

Ryanair shed 3.5 cent to finish at €3.80 after announcing further cuts to its German operation.

Distribution business DCC continued its recent strong run, gaining another 15.5 cent to close at €22.16. Its energy business represents a sizeable part of the company’s profit base, and so the recent cold snap has been very positive for DCC, with its share price rising 11 per cent over the past two weeks.

Overall, the Irish market traded on relatively thin volumes, and the Iseq finished down about 0.5 per cent. Across Europe, Britain's FTSE 100 and France's CAC 40 rose 0.5 and 0.3 per cent respectively, while Germany's DAX closed flat.

Additional reporting - Reuters