Business Irish

Saturday 30 August 2014

Drug firm Elan bounces back as Irish shares advance

Colm Kelpie

Published 26/01/2013 | 05:00

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IRISH shares increased for a second day in a row yesterday in line with a positive mood across European markets.

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By the close, the ISEQ Overall Index jumped 0.66pc, or 23.19 points, to finish the trading day at 3,553.09.

The Dublin index had a mixed day, kicking off on a high by steadily increasing before dropping back mid-morning and then rallying to finish.

The winners included drugs firm Elan, which bounced back from its share-price dip on Thursday, to gain 2.44pc and finish at €7.63.

Bookmaker Paddy Power also enjoyed a gain, increasing by 1.72pc to finish up at €62.05.

Dairy food company Glanbia was up 1.1pc to close at €8.29 as Glanbia Ingredients Ireland Ltd received permission from An Bord Pleanala for its proposed development at the IDA site in Belview, Co Kilkenny. The move will allow it to press ahead with its milk expansion plans and to commence the development of its dairy processing facility.

Kerry Group was also up 1.06pc to finish at €38.10.

On the other side of the board, oil and gas company Providence Resources saw its share price dip by 4.05pc to close at €7.58.

Agri-services group Origin Enterprise was down 0.47pc to close at €4.28, while financial provider IFG Group slipped 0.7pc to finish at €1.35.

Confidence

European stocks extended a 23-month high as German business confidence improved and ECB data showed lenders will repay a greater amount of three- year loans than estimated.

National benchmark indexes advanced in 14 of the 18 western European markets. The UK's FTSE 100 gained 0.3pc, France's CAC 40 added 0.7pc and Germany's DAX rose 1.4pc.

"I do feel hopeful for this year in that all the leading indicators across the globe are all picking up," said Kevin Lilley, a fund manager at Old Mutual Asset Managers UK in London.

"The market will move higher, it is still undervalued, and any pullback we view as a buying opportunity."

US stocks rose yesterday as strong Procter & Gamble earnings trumped weak housing numbers and helped carry the Standard & Poor's 500 index higher toward its longest winning streak in more than eight years.

Procter rose 3.9pc and gave the biggest boost to both the Dow and S&P 500 after the world's top household products maker's quarterly profit soared past expectations.

Irish Independent

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