Iseq: 2,953.29 (+11.24) Settlement date: July 5th:THE NEWS that the Greek government won a second vote on proposed austerity measures for the indebted country sent European markets to their highest close in almost a month, delivering a better quarter-end and half-year close for investors than had been expected a week ago.
The Iseq continued the upward momentum that has characterised the week, with almost all the big names closing higher, though on relatively light volumes.
Index heavyweight CRH continued to win investor approval. The construction stock, which has been in demand throughout the week, was one of the most actively traded stocks, closing up 3 per cent at €15.27.
Kerry Group was up 1.3 per cent, following a positive long-term update from the company on Wednesday at an investors’ day in London. It gained 1.3 per cent to close at €28.52.
Other food companies on the index did not fare as well. Glanbia, which yesterday confirmed its earnings outlook for 2011, shed 1.5 per cent to finish at €4.78.
Greencore fell below the €1 mark, closing at €0.97, though analysts noted this may have been due to a profit warning from UK peer company Premier Foods.
IFG continued to see its share price increase, having confirmed to shareholders at its agm on Wednesday that two suitors for the company are to begin due diligence process within 10 days.
The financial services company added 3 cents to €1.84.
The Iseq’s other financial stocks all finished lower, in contrast with European banking stocks which led the overall market rally.
On the bond markets, euro zone peripheral nations remained under pressure. Yields on 10-year Irish Government bonds reached 11.7 per cent, while the yield on Greek 10-year bonds hovered about 16.3 per cent.
