Positive financials boost ISEQ by 59 points

A generally positive performance from the financial sector has contributed to the 59.13 point rise on the ISEQ this morning.

The Dublin stock exchange saw its level rise to 7,741.49 by 1pm today.

The biggest riser in the financials was AIB with a 45c increase to €18.45. The bank said this morning that it is targeting a 25% rise in loans by the end of the year. This is a higher figure than previously predicted earlier this year. The bank said it also expected profits to increase in all its divisions this year.

Following the positive trend, Irish Life and Permanent posted a 27c increase in its share price to stand at €19.97 by lunch. Anglo Irish Bank had a 11c rise to €12.50 while Bank of Ireland bucked the trend by tumbling 19c to €14.29.

The food sector had a negative start to the day with Glanbia announcing a downturn in its milk processing activities at the firm’s annual general meeting in Kilkenny today. Chairman Michael Walsh warned that the half-year results will be hit by a reduced performance from Irish Food Ingredients, the company’s milk processing business in Ireland. However, he said the company expects to meet market guidance for the full year. Shares in the company were down four cents to €2.47. Rival Kerry Group saw its stock fall 15c to €19.85 as coincidentally did food giant IAWS who stood at €14.70 by 1pm.

Elsewhere, pharmaceutical giant Elan enjoyed a 42c increase to €12.72, while business support firm DCC had a more modest 15c rise to €19.35 and low-cost airline Ryanair went up 12c to €6.75.

The major faller of the day was Tullow Oil, down 28c to €5.33, while both Paddy Power and construction firm CRH fell 20c to €14.20 and 26.70 respectively.

Shipping group Irish Continental fell by 10c to €11.25.

The most traded stocks so far today came from the financial sector and construction firm CRH.