The Irish market languished in a state of inaction today due to the vacuum created by current political uncertainty.
The Iseq barely moved, closing just 5.4 points ahead at 2,977.50, as investors sat on the sidelines waiting for the election to take place, and for the Irish full-year reporting season to get into full swing over the next few weeks.
“At the moment our politicians are making all the headlines. The sooner the election is over the better,” one Dublin broker said. He noted that the recent article on Ireland’s economic crisis featured in Vanity Fair has not helped the market. “Unfortunately the image of Ireland out there is still relatively poor. The first thing we need to get is political certainty," he said.
Although several stocks inched ahead yesterday, volumes were thin across the board.
Drug manufacturer Elan was among the strongest performers on the day, adding 17 cent to close at almost €5.13.
Kingspan was also in positive territory, closing 2.5 per cent, or 16 cent ahead at €6.56.
Food group Aryzta gained more than 1 per cent or 38 cent to €32.00, while Kerry Group, which will kick off the Irish reporting season next week, rose 35 cent to €25.90, albeit on weak volumes.
United Drug, which will issue an interim management statement at its agm on Thursday, was also more than 1 per cent ahead on the day, finishing 2.7 cent up at almost €2.20.
Cement stock CRH moved in the opposite direction, shedding just under 1 per cent, or 15.5 cent, to €16.53.
Germany's DAX Index gained 0.3 per cent, France's CAC 40 Index lost 0.1 per cent and the
UK's FTSE 100 Index was little changed.
Additional reporting - Bloomberg