Builders’ gain balances falling banks

European equity markets started the week on a positive footing with most adding to Friday’s gains, albeit modestly as investors treaded causally ahead of this week’s Federal Reserve meeting. Stocks in Dublin were no different as the Iseq added 2.38 points to close on 3,917.9.

Irish bank stocks were all off, with AIB falling 0.2c to 6.4c, Bank of Ireland down 0.7c to 15.2c, Permanent TSB closing at 2.9c, down 0.1c. Irish Insurer FBD Holdings added 5 cents to finish on €13.95.

It was a better story for construction, with all turning gains. Industry heavyweight CRH added 14.5c to €15.63, while Grafton Group gained 6 cent to €5.66 and Kingspan was 18c better off on €9.98.

Irish pharma Elan was in the news again as shareholders approved a share buyback, meaning that, unless US company Royalty Pharma’s legal challenge succeeds, its hostile takeover will lapse. However, in a blow to management, shareholders rejected Elan’s $1bn royalties deal with Theravance. Elan finished on €10.08 up 1 cent on the day.