Iseq follows Europe up over 1% in light trading

Iseq: 2,629.56 (+30.38) Settlement date: October 26thOPTIMISM TOOK hold in the markets yesterday as investors looked to this weekend's summit, at which European heads of state will once again try to fix the seemingly endless euro zone crisis.

Volumes were light for the most part, but traders noted an unwillingness among investors to be left behind in the event that the summit could bring matters closer to resolution. Shares rose in London, Paris and Frankfurt, while the Stoxx Europe 600 Index maintained a stretch of rises.

Bonds fared less well, falling in Germany and France amid concerns over who would bear the burden of a rumoured €940 billion new crisis package, although Spanish and Italian securities gained on suspected ECB buying. Irish 10-year benchmark bonds saw yields rise by 471 points, a substantial margin that left them at 8.207 per cent.

Low volumes aside, the Iseq had a decent day, closing 1.17 per cent stronger. Elan rose by 41 cent to €7.96 after an encouraging visit to a Dutch biotech conference.

The financials finished firmly, with sector flag-bearer Bank of Ireland up 0.3 cent at 9.9 cent and AIB adding 0.1 cent to finish at 6.5 cent on the junior market.

Ryanair was a winner, ticking up by 0.8 cent to close at €3.205, while stablemate Aer Lingus rose by 0.3 cent to 73.3 cent.

CRH underperformed the market, having had a strong week. Shares fell by 3.5 cent to €13.40.

Smurfit Kappa gained 15 cent to close at €4.35 despite weak French container-board pricing data. The company will update the market on November 9th.

Fyffes had a poor day, shedding 2 cent before settling at 37 cent. Paddy Power was also weaker, falling by 20 cent to €39.80 on fairly anaemic volume.

Zamano failed to be moved by news that its chief executive, John O’Shea, had resigned, with shares staying put at 2 cent.