Iseq: 3,025.81 (+20.38) Settlement day: May 16th:THE IRISH market rallied yesterday as European stocks were lifted in early trade by better-than-expected corporate earnings.
However markets weakened somewhat over the afternoon, with brokers attributing this softening to the fact that commodities came off a little after several strong days. The Iseq index succeeded in staying above the key resistance level of 3,000, though, adding about 0.7 per cent at the close.
Glanbia delivered the main stock-specific news on what was otherwise a quiet day on the Irish market with the release of its interim management statement. Although the food group said it expected strong results for the first half of the year, it fell by 2.5 per cent, or 11 cent, to €4.35.
One broker explained that investors were expecting the company to upgrade its outlook and so the stock was hit when this didn’t materialise.
Kingspan moved ahead in advance of its trading update today. The insulation company rose yesterday after its peer SIG reported an 8 per cent increase in first quarter group sales and it closed the day more than 1 per cent higher, or seven cents, at €6.62.
The company is expected to report a strong start to the year in its interim management statement today and, according to brokers, the key focus will be on any comments relating price inflation and the extent to which it has been able to pass this on.
Although oil prices softened somewhat yesterday, Ryanair did not get much of a bounce, closing just two cents higher at €3.54. Rival airline Aer Lingus was flat on the day at 83 cents.
Index heavyweight CRH touched a high of €16.82 at one point before slipping to €16.55, leaving it six cents down on the day. Another loser on the day was Irish Continental Group, which shed 60 cents, or 3.4 per cent, to close at €17.
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