Moderate gains for ISEQ

The Iseq index enjoyed some modest growth by 11.15am this morning, edging up 12.73 points to 9418.76.

The financial sector bucked the trend somewhat, with none making any progress. Allied Irish Bank suffered the biggest loss, sliding 55c to €21.05, with Anglo Irish Bank (down 24c to €15.69) and Irish Life & Permanent (23c to €20.32). Bank of Ireland was relatively unscathed, shedding 4c to €15.96.

There was better news in the construction sector, with CRH leading the way, gaining a full 3%, or 96 points to €32.98. Kingspan are also doing well, shooting up 67c to €20.47, with Grafton jumping 44c to €11.60. McInerney are not sharing the mood of optimism however, sliding 39c to €15.11.

In the technology and business services sector, there was a big gain for Icon, up 2.32 to €32.59. Iona (up 13c to €4.325) and DCC (up 10c to €26.58) also did well.

Following news of a board of directors reshuffle, Elan has enjoyed a 69c boost to €10.59.

There were some significant losses elsewhere, with FBD shedding 87c to €38.13, and UTV down 10c to €6.35.

The mooted takeover of Irish Continental Group has seen the company’s share price soar, gaining 1.13 to €20.63 already today.

The food and drink sector was buoyant, with Both Kerry Group (up 93c to €21.83) and IAWS (up 53c to €17.63) both enjoying a positive morning’s trading.

Paddy Power’s good run is continuing, jumping 18c to €20.78.

As the summer holiday season approaches, Ireland’s two major airlines both made progress, with Aer Lingus up 4c to €3.14, with Ryanair gaining 7c to €5.96.