Friday 24 November 2017

Markets: CRH share surge helps drive ISEQ

The logo of building materials firm, CRH.
The logo of building materials firm, CRH.
Greece’s Prime Minister Alexis Tsipras swearing in his new cabinet in Athens on Tuesday. Photo: AP/Thanassis Stavrakis

BUILDING materials firm CRH helped drive the ISEQ into positive territory yesterday with the company's stock one of the star performers.

By the close in Dublin, the ISEQ Overall Index was up 0.93pc or 51.02 points to end the trading day at 5,522.54.

CRH closed up 7.74pc in Dublin trading to €22.97 after the company said its €6.5bn deal to buy assets from rivals Lafarge and Holcim will lead to a wave of new acquisitions over the next 10 years. CRH chief executive Albert Manifold said the company had been waiting for a decade for such a deal, which will see the firm become the world's third largest building materials supplier.

Other leaders on the Dublin market included Aer Lingus, which closed up 3.5pc to €2.23 after IAG offered binding commitments to attempt to win over the Government on its bid for the former flag carrier.

On the other side of the board, the laggards included Ryanair, which dropped 6.1pc to €9.76 even as the airline raised its profit guidance on the back of a strong performance.

Speciality baker Aryzta closed down 1.2pc to €65.68, while Dalata Hotel group fell 1.5pc to €2.88.

Elsewhere, European stocks ended the day little changed.

The Stoxx Europe 600 Index advanced less than 0.1pc, after falling as much as 0.8pc, as energy companies rallied the most in two weeks.

Spain's IBEX 35 Index fell as much as 2.6pc amid growing concern that the nation's anti-austerity party is gathering strength.

Energised by Syriza's victory in Greece, the leader of Podemos pledged to restructure the nation's debt if he can convert his opinion-poll lead into election victory.

"I still worry about the lack of reforms in Europe and the fact that investment is not really happening," said Andrea Williams of Royal London Asset Management in London.

"Greece will be a continuing problem, which will concern markets until they come to some agreement."

Irish Independent

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