Iseq joins European rebound with 1.3% increase

Iseq:2,823.94 (+36.86) Settlement date:March 24th

THE IRISH market was lifted by “big picture” developments yesterday, as investors were heartened by a perceived “settling down” in the macro situation, according to a Dublin broker.

Investors reacted positively to action taken by coalition forces in Libya, and progress made at Japan’s Fukushima nuclear power plant. Most of the major European indexes stepped up by 2 to 3 per cent, although the Iseq was slightly less buoyant, gaining about 1.3 per cent.

Independent News Media rose 2.6 per cent, or 1.5 cent, to 59 cent in advance of its full-year results which are due out today.

Datalex, which announced last week it has won a contract with Air China, enjoyed a decent move, adding almost 9 per cent, or two cent, to 25 cent. However, volumes in the stock were light.

Smurfit Kappa gained almost 2 per cent after announcing last Friday it is to increase the price of recycled containerboard from next month. The price hike had been largely anticipated by analysts, but came earlier in the year than expected. The packaging giant ended just below €8.50, up 15 cent on the day.

Cider manufacturer C&C enjoyed a small recovery from its recent bad run. The news last month that Stella Artois plans to launch a cider brand had sounded a warning note for C&C, but the stock regained some ground, adding more than 1 per cent, or 4.4 cent, to €3.27.

Several financial stocks went better on the day, although traders noted the market is waiting for the results of the latest bank stress tests to be published at the end of the month. Irish Life Permanent gained more than 7 per cent, or 4.5 cent, to 65.5 cent, while Bank of Ireland closed one cent ahead at 30 cent.

In volume terms, the exchange was very quiet on a day that brought little stock-specific news.