ISEQ bounces back from 13-year low
There were strong rebounds in some shares with CRH, Ryanair, Kerry Group and Tullow all well up on the day, as the ISEQ closed 2% higher.
CRH rose 90c to €17.83, with bookmakers Paddy Power adding 50c to €11.35.
Ryanair, which had its Aer Lingus bid turned down, still gained 13c, closing up at €3.30.
Kerry Group rose by 6.7% to close at €14.51.
The banking sector had a mixed day with AIB ending the day at 62c, up 5c, a gain of 8.7%.
Bank of Ireland, now perceived to be the weaker of the two banks, lost ground falling to 31c, a decline of 6c.
In Europe poor results from mobile giant Nokia and disappointing figures from Microsoft pushed markets lower.
As a result the Paris Cac 40 was lower by 0.6% at 2,888 and Frankfurt’s Dax was down 0.8% at 4,229.
Despite the ongoing concerns for the British economy and the continuing weakness of the pound London’s FTSE ended the day up 0.3% at 4,071.
That gain was boosted by solid performance from Irish oil group Tullow Oil, listed in both Dublin and London, which successfully raised Stg£400m in a placing with institutions on Wednesday. It enjoyed a good day gaining 4% to 652.5p, maintaining a good run in the stock.
US stock markets swung lower yesterday after fresh data showed a worse than expected increase in jobless claims and a slide in housing starts. The Dow Jones lost 122 points to 8,106, while the Nasdaq fell 41 points to 1,466.
Earlier Tokyo’s Nikkei closed 1.95 higher at 8,082 despite gloomy predictions from the Bank of Japan.
