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Recovery boosts Irish shares

IRISH shares were up by mid-afternoon yesterday as official data showed a continued recovery in Ireland's manufacturing sector.

By early afternoon in Dublin, the ISEQ Overall Index had increased by 0.56pc or 27.55 points to 4923.5.

Gains came as industrial production rose last month, with expansion recorded across all sectors including pharmaceutical, official data showed.

Analysts said the CSO figures showed that the worst of the patent cliff was now over.

Production for manufacturing was 2.5pc higher in April than in March, and up 11.9pc compared with the same period last year. The leaders by mid-afternoon in the Dublin market included Aer Lingus, which was up 3.5pc to €1.51, while speciality baker Aryzta had increased 1.1pc to €68.53.

Dalata Hotel Group was down 1.4pc to €2.85 by late morning as it was announced it had agreed to acquire the freehold interest in the Maldron Hotel in Dublin's for €15.3m.

AIB was down 2.9pc to 10 cents as chief executive David Duffy said the Irish mortgage market had flat lined.

The Stoxx Europe 600 Index lost 0.2pc at 1:17 pm

London's FTSE 100 was down 0.4pc by 2.30pm, Germany's DAX and France's CAC 40 fell 0.3pc.

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