Irish shares increase but the major European stocks decline
Irish shares increased yesterday, bucking the European trend as the major European stocks declined.
By the close in Dublin, the ISEQ Overall Index increased 0.45pc or 27.94 points to end the trading session at 6,185.97.
The leaders on the Dublin market included dairy company Glanbia, which increased 3.7pc to €17.44.
More than 15,500 farmers are in line for a massive pay-out averaging more than €15,000 after voting in favour of a €170m conversion of valuable shares in the company.
Independent News & Media increased 1.7pc to 18 cents. Davy Stockbrokers yesterday forecast INM, the parent company of this newspaper, will see its share price increase to 29.5 cents in 12 months.
It said the outlook for the company had improved and that its balance sheet had been transformed.
Drinks group C&C increased 1.9pc to €3.68, while insulation group Kingspan rose 1.3pc to €19.12.
On the other side of the board, the laggards included insurance group FBD, which fell 1.1pc to €9.40, while speciality baker Aryzta fell 0.6pc to €59.80.
Elsewhere, the European stocks slid, reversing earlier gains, as worse-than-estimated reports stoked concern about the US economic recovery.
The Stoxx Europe 600 Index fell 0.4pc to 396.45 at the close of trading, taking its weekly drop to 0.9pc. The University of Michigan preliminary index of sentiment fell in May by the most in more than two years. Industrial production fell in April, while factory output unexpectedly stagnated, separate data showed.
"Everybody is getting nervous about US growth because too much depends on a rebound," said Bank J Safra Sarasin in Zurich.