Friday 17 August 2018

Thin trading but share prices edge up

Shares on the Irish Stock Exchange were up marginally. Stock image
Shares on the Irish Stock Exchange were up marginally. Stock image
Charlie Weston

Charlie Weston

Shares on the Irish Stock Exchange were up marginally on what was a quiet day's trading yesterday. The overall Iseq index finished the day up 19.93 points at 7,047.

Providence Resources proved to be the largest gainer on the Irish market.

It rose by 25pc to 8.5c on news the oil and gas explorer has entered exclusive talks to sell a stake in its Barryroe oil prospect off the coast of Cork.

The company said in a trading update that it has been working on plans to drill an appraisal well and it expects to issue an invitation to tender early next year for the procurement of a drilling unit.

Datalex, the designer of software for travel retailers, also had a good day.

Its shares were up 2pc to €2.96, while shipping and transport group Irish Continental saw its share price rise.

Among other rises were insulation group Kingspan. It has emerged as one of the top gainers on the Iseq 20 index this year. It is up more than 40pc at €36.59, despite the prospect of Brexit and a strike earlier in the year.

Another gainer in the end-of-year trading was Dalata Hotel Group. It is benefiting from rising room rates in Dublin, and investors like its development plans. The shares were at €6.15 yesterday.

But it was a bad day for exploration and mining shares, with falls for PetroNeft, Ovoca Gold, Ormond Mining and Kenmare.

London stocks edged up a little further still as miners lent a hand, but volumes and news were light.

The FTSE 100 was up 0.2pc to 7,631.96, having earlier breached Wednesday's all-time intra-day high of 7,632.71.

Wall Street's main indexes rose in thin holiday trading yesterday, helped by gains in technology stocks.

Irish Independent

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