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News of exit boosts Grafton

IRISH shares rose yesterday, starting the week on a positive amid the negative news that DIY group Grafton is to move its listing to London.

News of the move to London by the building providers sent Grafton's stock price climbing.

By the close in Dublin, the ISEQ Overall Index closed up 1.6pc, or 67.94 points, to end the trading day at 4277.35.

Grafton was among the leaders as its share price closed up 2.3pc to €6.90. Grafton units will trade solely on the London bourse from next month, reporting its results in sterling.

Its decision was prompted by a fall in the number of shares held in Ireland, it said in a statement.

Ryanair also enjoyed a positive days trading, on the back of its announcement that it is to boost its Stansted traffic by more than 50pc, closing up 4.2pc to €6.44.

The airline said it had secured a 10-year deal at the London hub to double the amount of its passengers travelling through the airport in return for lower costs and more efficient facilities.

The agreement will account for up to 25pc of Ryanair's five-year growth plans to 2019.

Speciality baker Aryzta was up 2.1pc to €48.90, while building materials firm CRH increased 2.3pc to €17.92.

Food ingredients company Kerry Group fell 0.6pc to €44.50, while shipping group Irish Continental dropped 0.8pc to €24.70.

Elsewhere, European stocks gained – extending a five-year high – as Larry Summers withdrew from consideration as Federal Reserve chairman, paving the way for Janet Yellen, who investors say will favour slower stimulus reduction.

The Stoxx Europe 600 Index rallied 0.6pc to 313.42 at the close of trading, the highest level since June 2008.

"The markets are having a bounce on the back of the Larry Summers news and the ongoing Syria talks," Kevin Lilley, head of European equities at Old Mutual Global Investors said.

"The market would prefer Yellen because it would be seen as more of the same. She would be more Bernanke-like in her approach and take longer to ease the current policy."

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