DUBLIN REPORT: Iseq: 2,976.25 (+28.00) Settlement date: February 3rdTHE ISEQ finished the week in positive territory in line with European markets, which rose on the back of positive US economic data showing the fastest pace of economic growth in six years, spurring hopes of a global recovery.
The Iseq slightly underperformed compared to its European counterparts, however, with the Central Bank’s prediction that the Irish economy will return to growth in the second half of this year failing to make a huge impact on the overall direction of the market. Nonetheless, traders noted it was a good end to a sluggish month for the Iseq.
As would be expected on the last trading day of the month, activity was brisker than in recent days.
The two main banking stocks were among the best performers yesterday. AIB rose 5 per cent to close at €1.20, while Bank of Ireland gained 3 per cent to €1.325, both on relatively good volumes.
Irish Life Permanent was again under pressure, with one trader noting the stock failed to recover from a major sale of ILP shares on Thursday afternoon. Even so, the share price ended just over a half a per cent lower at €3.10.
Smurfit continued its recent winning streak, adding 1.3 per cent to end at €6.60. Paddy Power also found a bit of support, closing at €23.90 – a gain of 4 per cent – but this was after a volatile performance during the session.
There was little movement on Ryanair, although it inched up marginally to close at €3.35, as investors positioned themselves ahead of Monday’s third-quarter update by the airline.
Similarly, a wait-and-see attitude characterised trading in DCC stock, ahead of its interim trading statement next week. It shed 26 cent, or 1.3 per cent.
Overall, traders noted that the start of the results season next month should give some direction to the market after an extremely quiet opening to the year.
