The Irish market gained slightly today as world stocks rebounded, but investors remained cautious.
By 1.17pm, the Iseq had added just under 1 per cent, rising 28.33 points to 3009.8.
Shares in DCC were up 1.7 per cent shortly before 1.10pm, after the company reported that revenue and operating profit grew strongly in its third quarter, and improved its outlook for the full year. In early trade, the stock climbed as much as 4.1 per cent before falling back to €20.40.
Bank of Ireland shares were trading slightly off shortly before 1.10pm, down 0.4 per cent to €1.26.
It was reported that UK mortgage approvals dropped 2 per cent to 59,023 in December, below expectations, and the first monthly contraction since November 2008.
Traders said a slowdown in the UK market could affect Bank of Ireland's plan to run-off its €32 billion UK mortgage portfolio as part of its five-year restructuring plan.
AIB was flat at €1.22, while Irish Life and Permanent was up just under 1 per cent to €3.23.
Construction stocks were also mixed, with Kingspan up 4 per cent to €6.40, but CRH gaining only 0.7 per cent to €17.60.
The market noted news that US construction activity was weaker than expected in December, with the value of construction put in place falling 1.2 per cent on a seasonally adjusted rate compared to November.
However, non-residential construction spending rose slightly - 0.2 per cent - when public construction was excluded, with office spend rising 1.6 per cent month on month, and commercial spending up 0.8 per cent.
Traders noted Kingspan has some exposure to commercial and industrial construction in the US, as is CRH. However, CRH is also involved in highway activity, a sector that fell 2.3 per cent month on month.