Iseq down shaped by stock-specific news

Iseq: 2,955.12 (-19.75) Settlement date: May 23rdWHILE MOST European stock markets rebounded yesterday, finishing the session in positive territory, the Iseq index closed down 20 points yesterday, having spent most of the session in negative territory.

With results season still in full swing, the Irish market continued to be shaped by stock-specific news.

Yesterday was the turn of CC. The drinks company posted a 17 per cent rise in operating profits for the year ended February 2011, boosted by an improvement in sales of its Magners cider brand in the UK and international markets. With the results coming within the company’s guidance, there was little or no surprise factor for analysts or investors and the share price closed down 1.4 per cent at €3.55.

Troubled bancassurer Irish Life Permanent also updated the market yesterday ahead of its AGM yesterday afternoon. Despite highlighting a rise in arrears in its Irish residential and commercial mortgage book in its interim management statement, ILP advanced close to 6 per cent yesterday, though this only pushed the value of the shares to €0.125.

Similarly, Bank of Ireland though of relative little significance in the market, advanced by 5 per cent, ahead of an interim management statement this morning.

Elsewhere, ferry operator ICG continued to slide yesterday, following its disappointing interim management statement on Monday which showed that rising oil prices and falling passenger numbers had hit profits. It shed 1.2 per cent or 20 cent to close at €16.45.

Paddy Power managed to add a half a per cent yesterday, building on Monday’s gains, following a positive market update which showed a 21 per cent increase in revenues in the year to date. Paddy Power closed up 21 cents at €34.36.