ISEQ gains in line with positive mood in markets

WHILE early gains were eroded in afternoon trading, Dublin’s ISEQ share index still managed a solid enough rise — in line with the mood across Europe — as markets re-opened yesterday after the Easter holiday weekend.

Up by 2.5% at midday yesterday, the ISEQ eventually closed at 2,414 points — representing an increase of 41 points, or 1.73%, on last Thursday’s close.

Overseas, it was the banking stocks — the likes of Lloyds Banking Group, HSBC and Barclays Bank all rising significantly — which boosted London’s FTSE market by five points to 3,999 points. The CAC in Paris was up, yesterday, by just under 1% at 3,000 points and the DAX in Frankfurt closed at 4,557 — up by 1.5% on the previous close.

Most Irish stocks were up slightly — insurance and financial services group, FBD bucking yesterday’s trend with a 20c dip to e6.50.

The other notable faller was AIB — down by more than 6%, or 7c, to e1.05. However, the other two banking stocks made gains — Bank of Ireland rising by 2c to close at 86c and Irish Life & Permanent (IL&P) up by 12% — or 23c — to e2.15.

Multi-industry distribution group, DCC was the big positive mover in Dublin, yesterday, up by 73c (or over 6%) at e12.75. Building materials giant, CRH crept up by 6c to e17; drug-maker Elan put a bad week behind it with a 10c gain to e4.47, Paddy Power was up 20c at e13.05 after another unfancied horse won Monday’s Irish Grand National and Tralee-based food group Kerry was up by 23c to a closing price of e14.50. Both the Irish aviation stocks made gains — Ryanair up by 8c to e3.15 and Aer Lingus up by 5c to 74c.

Better than expected first quarter results from Goldman Sachs, in the US, gave some momentum to financial stocks across the globe, but a drop in retail sales figures in the US — for March — dragged both the Dow Jones and the Nasdaq down slightly.