Industrial holdings company DCC was the most active stock on what was a volatile day on the Dublin market.
The Iseq index of Irish shares "yo-yoed" throughout today's session, but this volatility proved to be "much ado about nothing", one broker said. There was little economic data to drive the Iseq’s activity and in the end the index closed virtually unchanged at 2,910.75.
DCC was particularly well-bid during the session, with twice the average volumes for the last week changing hands. The stock finished in the black, up more than 2 per cent, or 41 cent, at €18.95.
Activity in United Drug was disappointing after it said in an interim management statement that recent trading has been satisfactory. Volumes were low, and it added only three cent to close at €2.42. According to one broker this muted response wasn't surprising as the statement was pretty much in line with previous guidance, and contained "nothing really to get excited about either way".
The minnow stocks led the way today, with PetroNeft Resources storming ahead after confirming early this morning that it expects to commence year-round pipeline oil production in late August. The stock jumped about 6.5 per cent over the day to close at 56 cent.
Davy stockbrokers upgraded its rating for PetroNeft from 'neutral' to ’outperform’. "We continue to see PetroNeft as a top-pick, notwithstanding the very strong performance over recent months," it said in its morning note.
Irish Life & Permanent was the strongest of the financials, rising 1.61 per cent to €1.76.
Around Europe, UK's FTSE 100 index was up 0.8 per cent, Germany's DAX index up 0.6 per cent, and France's CAC 40 up 0.5 per cent.
Additional reporting: Reuters