The Irish market lagged its European peers today as weak defensive stocks took the gloss off an otherwise buoyant performance.
The Iseq index closed the day 1 per cent higher, underperforming the major European markets which gained between 1.8 and 3 per cent on the back of a renewed pledge by France and Germany to tackle the euro zone debt crisis.
A Dublin broker noted that the Iseq has held up relatively well during a difficult few weeks for European markets. "Likewise on the rebound it's going to underperform," he said.
Food ingredients group Kerry moved in the opposite direction to most of the Dublin market, dipping more than 2 per cent, or 55 cent, to €25.50. Brokers attributed the fall to a combination of profit-taking and a greater appetite for risk among investors. Kerry is considered a defensive or 'safe haven' stock, one trader said, adding that investors may have been moving their money to stocks considered more likely to "get a run" if markets continue to make gains.
Likewise bakery group Arytzta found itself out of favour, slipping 91 cent to €32.05.
The two big hitters on the index - CRH and Ryanair - were lifted higher, adding 3.5 per cent and 1.7 per cent apiece to close at almost €13.20 and €3.20 respectively.
Several stocks in the exploration sector also recorded gains. Petroceltic International rose 1.2 cent to 7.2 cent after releasing flow rate results for an Algerian well.
Meanwhile Dragon Oil jumped almost 2 per cent, or 10 cent, to €5.60 after announcing details of a Tunisian farm-in agreement.
Overall volumes remained very light across the Irish market.
Across Europe, the UK's FTSE 100 Index gained 1.8 per cent. France's CAC 40 Index climbed 2.1 per cent and Germany's DAX Index jumped 3 per cent.
Additional reporting - Bloomberg
