Iseq tracks European trend by rising 3.76%

Iseq: 2,766.38 (+100.34) Settlement date: November 1stINVESTORS REACTED positively yesterday to the news that the EU has come up with a framework for dealing with its sovereign debt woes, lifting the Dublin market along with the rest of Europe.

The benchmark Iseq index of Irish shares closed up 3.76 per cent at 2,766.38 yesterday as dealers said that virtually all stocks went “up up up”.

Packaging specialist Smurfit Kappa was one of the star performers, benefiting from the general buoyancy and a positive statement from one of its peers, British manufacturer DS Smith. It closed 7.61 per cent ahead at €4.95.

International building materials giant CRH was another to enjoy a surge in its share price, hitting a high of €14.29 before closing 2.91 per cent up at €14.125.

More than 1.5 million of its shares were traded in Dublin.

In a related sector, DIY and builders’ merchant Grafton also performed well, gaining 5.07 per cent to close at €2.80.

Low-cost airline Ryanair rose 5.15 per cent to close at €3.49. Dealers said that the Irish carrier outperformed other European airlines.

Local rival Aer Lingus, in which Ryanair holds a 29 per cent stake, was up 1.4 per cent at 72.5 cents.

Titanium miner Kenmare Resources, which published a statement saying that third quarter revenues were strong on the back of good volumes and prices, gained 11.14 per cent to 50.09 cents.

Drug developer Elan published quarterly figures showing that revenues were up 17 per cent and that its balance sheet had been strengthened by the retirement of 50 per cent of its debts.

It closed 1.4 per cent up at €7.90.

Almost 100 million of Bank of Ireland shares were traded in Dublin. It closed 8 per cent up at 10.8 cents.