Stuttering market creeps forward

The Iseq Index advanced 4.14 points yesterday to close at 3,193.33.

Germany’s top court said a decision on whether to suspend legislation for the eurozone permanent bailout fund and fiscal treaty could take months rather than weeks due to the complexity of the ruling.

Fitch Ratings agency has affirmed its AAA credit rating on the US and maintained a negative outlook.

In the financial sector, Bank of Ireland dipped 0.1c to 9.3c. AIB was unchanged at 5.8c. Permanent TSB fell 0.2c to 2.2c, while Insurance Group FBD Holdings dropped 13c at €7.87.

In the construction sector, Grafton has issued a trading update for the first six months in which it is guiding sales to have increased by 4% to €1.05bn. Shares in the company slipped 4c to €2.73. CRH increased 25c to €15.17, while Kingspan was 5c better at €6.50.

In other news, according to reports, Independent News and Media has appointed advisors to explore the possibility of a sale of its South African publishing business. Shares in the media group closed up 1.4c at 23.4c.