Kingspan soars in ongoing surge
IRISH shares continued their resurgence yesterday, as markets across Europe continued to rebound following last week's losses.
By the close of trading, the ISEQ Overall Index had gained 1.13pc, or 33.19 points, to reach 2,976.54.
It was the second gain of more than 1pc in consecutive days for the index, which charged into positive territory in the afternoon, passing 3,000 at one point before falling back to its closing price.
Oil continued to stabilise after gaining 30pc in a week, with ICE Brent Crude hovering at $112 (€81) for most of the day, while decent data from the US encouraged buyers.
Kingspan was one of the stars of the index, gaining 5.42pc to reach €7 after the builder reported an 8pc increase in operating profit last year.
It was a good day for construction with CRH gaining 2.1pc to close at €16.79. The company profited from strong manufacturing and consumer spending data in the US as traders looked forward to the company's results, which are published this morning.
Away from construction, the food sector had another strong day, with Glanbia increasing 2.73pc to €4.25 two days before the firm's annual results, while Aryzta added 1.2pc to €33.70.
Airlines had a tough day yesterday. Aer Lingus fell 4.23pc to 91c, despite returning to profit, after the company warned that higher fuel costs were likely to have an adverse impact on 2011 earnings. That warning also hit Ryanair, which slipped 0.53pc to €3.37.
Elsewhere, European stocks gained after the biggest weekly drop since July pushed the benchmark Stoxx Europe 600 Index to its cheapest valuation in almost two years.
National benchmark indexes gained in all of the 18 western European markets except Greece and the UK. The FTSE 100 Index lost 0.1pc. Germany's DAX Index climbed 1.2pc and France's CAC 40 Index rose 1pc. The Stoxx 600 added 0.8pc.
"Economic figures from the US haven't been too bad and European earnings reports have been positive," said Guillaume Chaloin, a fund manager at Meeschaert Asset Management in Paris.
Siemens climbed 3.6pc. Europe's largest engineering company may sell its Osram lighting business through an initial public offering within the next two months, according to reports.
Hays advanced 4pc after the recruitment agency reported a first-half profit after what it called an "excellent performance" in the Asia-Pacific region.
In London, HSBC slumped 4.7pc, the largest decline in a year, after Europe's biggest bank posted results that missed analyst's estimates.
Associated British Foods slid 5.9pc after the company said sales at its Primark clothing stores have slowed.