One institutional investor plunged for 2.2 million shares in DIY and builders’ merchant group, Grafton, after the company told shareholders that sales in the first four months of the year rose 5.3 per cent to €676 million.

In a statement released ahead of its annual general meeting in Dublin, Grafton said that profits were also ahead of the same period last year.

Over 3.5 million shares in the group changed hands in Dublin, 10 times the average. The trades included a single tranche of 2.2 million shares.

The stock closed 0.91 per cent down at €3.17, but traded as low as €3.15 earlier in the day.

Dealers said that the buyer was an institutional investor. The identity is likely to be revealed in coming days as the buyer will have to report the transaction to the market.

Insulation specialist, Kingspan, also held its annual general meeting today, reporting that sales rose 8 per cent in the four months ended April 30th to €473 million. Its shares added 1.64 per cent to close at €7.65.

Elsewhere, Dragon Oil bounced back after losing ground earlier in the week. The stock finished 2.16 per cent ahead at €7.008.

International packaging group, Smurfit added 2.37 per cent to close at €6.52.

The Irish market’s biggest stock, international building materials group, CRH, ended the day 1.09 per cent ahead at €14.445.

The Iseq index of Irish shares was up 0.6 per cent at 3,135.98 at the close of business.