Main movers not the banks as market gains 2%

THE Irish stock market gained about 2% yesterday, but shares other than the main banks were the news-makers.

As Ryanair gained 8% on soaring profit forecasts, packaging group Smurfit Kappa rose by more than 3.5% to close at €6.39, a gain of 22c on the day.

Though a hostage to economic cycles the group’s packaging operations set to benefit from any pick-up in international markets that most analysts anticipate for 2010.

On the food front, Aryzta, formed out of the merger of IAWS and Hiestand in Switzerland, has seen some share price gains in recent weeks since it published its half year figures. The shares were up 15 cent to €32.20 by the close yesterday.

This represented a modest enough gain of less than 0.5% but the recent increases still leave the group somewhat short of its original launch price of €38 per share.

After reasonable gains post the NAMA announcements on Tuesday, banks marked time yesterday and made little or no progress despite favourable endorsements from Moody’s on the strategy.

In London, the FTSE rose 1.2% to close at 5,744.89, led by mining stocks, as commodity prices rose.

In Paris, the CAC jumped 1.5% to finish at 4,034.23, while in Frankfurt the DAX added 1.3% to 6,235.56.

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