A strong performance by CRH ensured that the Irish market outperformed other European markets today, which all finished the week significantly lower after the news that investment bank Goldman Sachs is being investigated for fraud sent jitters through the markets.
Despite a relatively good performance, the ISEQ did end the week in negative territory, however, ending 4 points lower at 3,338.
CRH, the largest constituent on the ISEQ, added more than 3.5 per cent to close at €19.60. The jump came on the back of positive figures on construction activity from the US, which represents approximately 50 per cent of the company's business.
Bank of Ireland was the main talking point today, following the announcement by the company that it is to dispose of a significant number of subsidiaries in order to adhere to EU roles on the receipt of state support. Analysts reported that the announcement was seen as a positive development in terms of its implication for the bank's capital position.
After hitting highs of €1.81, the stock lost ground in afternoon trading in line with the market generally, closing slightly lower at €1.71. Other financial stocks underperformed, with AIB shedding 7 per cent and Irish Life and Permanent slipping 3 per cent to €3.33.
There was a lot of liquidity in Independent News & Media stock, after it emerged that Denis O' Brien bought more than 168 million shares in the media group, increasing his stake in the company to 18.6 per cent. The share price gained 5 per cent on the day, closing at €0.14.
Airline stocks had a mixed day. Despite the continuing disruption to operations due to the volcanic eruption in Iceland, Aer Lingus succeeded in adding 2. 7 per cent, though it was in negative territory for most of the day. Ryanair, shed 2.5 per cent, finishing the session at €3.89.
