ISEQ ends quiet week on high with fifth-straight gain
Published 24/11/2012 | 05:00
IRISH shares posted their fifth- straight gain yesterday, as the market ended a quiet week on a high.
By the close in Dublin the ISEQ Overall Index had added 0.36pc, or 11.73 points, to close at 3,263.75.
Yesterday's gain meant the market ended the week up 2.6pc compared with its Monday opening of 3,178.07.
At 22.57 million shares, volume was comparatively light and reflected the market around the continent and US after the Thanksgiving holiday.
Few stocks made significant moves during the session.
Independent News & Media rose 6.7pc to end Friday at 5c, while FBD Holdings climbed 1.5pc to finish the week at €10.10.
Drinks maker C&C continued its good run, climbing 1.1pc to close at €4.10. The stock rose sharply on Thursday after it bought the country's biggest long alcoholic drinks distributor, giving it access to more than 10,000 licensed premises around the country.
Those gains, however, were almost outweighed by small losses among some of the major stocks.
Glanbia shed 0.1pc to close at €8.10, while CRH was down marginally at €13.94.
Elsewhere, European stocks climbed with the benchmark index completing its biggest weekly gain in almost a year, as German business confidence rose and investors watched Black Friday sales to gauge prospects for US holiday shopping.
The Stoxx Europe 600 Index added 0.6pc. National benchmark indexes climbed in 16 of the 18 western European markets. France's CAC and Germany's DAX both advanced 0.9pc. The UK's FTSE 100 rose 0.5pc.
"Investors are, amid a bullish sentiment, buying stocks into the weekend as the holiday shopping season begins," said Manish Singh, head of investment at Crossbridge Capital in London. "Positive news from China this week and German data this morning are supporting the positive risk tone we've seen in the last couple of days."
The Munich-based Ifo institute said its business climate index for Germany climbed to 101.4 in November from 100 in October.
"When Germany is doing well, that is positive for all of Europe," said Pierre Mouton, a fund manager at Notz Stucki & Cie in Geneva. "This confirms our view. We are relatively optimistic."
Outotec jumped 6.3pc, the biggest gain since September.