Iseq: 2,943.35 (+42.57) Settlement date: March 2ndIRISH BANK shares surged yesterday as markets across Europe regained some of the ground lost earlier in the week.
Banking stocks were the stand-out winners on the Irish bourse. One broker noted that while news of a €12 billion transfer of deposits out of Anglo Irish Bank and Irish Nationwide Building Society was “marginally positive” for the banks involved, there was nothing specific driving the sector’s rally.
Irish Life & Permanent, which will receive €3.6 billion in deposits from Irish Nationwide, led the pack, gaining close to 10 per cent, or 8.5 cent, to 96.5 cent.
AIB, which is taking over €8.6 billion in deposits from Anglo, jumped more than 4 per cent, or about one cent, to 26 cent. However, it was outstripped by rival lender Bank of Ireland, which gained more than 7 per cent, or 2.5 cent, to almost 37 cent.
Outside of the financials, United Drug delivered the strongest performance. The drug manufacturer finished almost 4 per cent ahead, or about nine cent, at just under €2.34.
Elsewhere, cement stock CRH was buoyed by a positive statement issued after Thursday’s close by French peer Saint-Gobain. CRH soared to €16.80, before slipping back to €16.44. Although it closed off itshighs, the stock was almost 3 per cent ahead on the day. Kingspan was lifted almost 1 per cent, or six cent, to €6.64.
Aryzta was among a handful of stocks to finish in negative territory. The bakery stock was 2.5 per cent, or 85 cent, off at €33.30.
Airlines recovered somewhat, with Aer Lingus and Ryanair gaining about three cent each.
Overall the Irish market was positive, and moved in line with its European peers. Although GDP data from the US and UK was worse than expected, markets enjoyed a bounce after several bad sessions.
