Iseq: 2,984.17 (+27.89) Settlement date: June 3rd:BANK OF Ireland proved the main talking point on the Irish market yesterday, as it tumbled almost 28 per cent after being removed from the MSCI index.
The bank traded downwards on huge volume and finished about five cent off at 13.2 cent. The lion’s share of this selling pressure came from yesterday’s MSCI re-weighting, according to a Dublin broker.
Bank of Ireland also announced a debt-for-equity swap yesterday. Brokers said the full impact of this deal will depend on the level of take-up, but that the news was partially factored into the stock’s closing price yesterday.
Overall, the Iseq was swept along by the rally in global markets as investors took the view that Greece will receive further aid from the EU. “Debt markets received that relatively well,” a trader noted.
Kingspan added almost 4.5 per cent, or 31 cent, to finish at €7.30. Brokers noted that there had been decent buying around in the stock since it released a positive set of results last month.
Smurfit Kappa’s share price has been reacting well to the packaging group’s recent announcement of a price increase, and it gained another 2.5 per cent, or 21 cent, bringing it to €8.63.
Mining company Kenmare Resources was also in favour, rising 7.5 per cent, or four cent, to 57 cent. “People are looking for exposure to the commodity space,” one broker noted.
CRH, the mainstay of the Iseq, rose in line with its peers, gaining almost 2 per cent, or 28.5 cent, to just below €15.14.
Elsewhere Ryanair finished at a low close which didn’t reflect its performance throughout the day. The stock had traded around the €3.54 mark for most of the session, before dropping to €3.45, a fall of about 10 cent on the day.
The Iseq finished almost 1 per cent up at 2,984.17.
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