Tuesday 20 March 2018

Karelian Diamond makes precious gains in day of light trading

Leslie Buckley, INM chairman and Vincent Crowley, INM chief executive. Frank McGrath
Leslie Buckley, INM chairman and Vincent Crowley, INM chief executive. Frank McGrath
Sarah McCabe

Sarah McCabe

KARELIAN Diamond led the gainers yesterday as Irish stocks rose, following a European trend.

The ISEQ Overall Index closed up 39.87, or 0.88pc, to 4,594.72, with Dublin-headquartered prospector Karelian nearly doubling in value -- soaring by 45pc to 4c in light trading.

The company is currently building a foothold in northern Finland after applying for two licences near the Arctic Circle.

INM saw the second biggest gains of the day, up 6pc to 12c. There was good news for the ISEQ's building materials suppliers; cement maker CRH rose 3pc to €18.99, while insulation supplier Kingspan rose 2pc to €13.46.

It was a mixed bag, however, for the country's two biggest airlines. Ryanair was up 2pc to €6.42 after reporting a 4pc rise in December traffic, but Aer Lingus sank 4pc to €1.24.

Several of the airline's North American routes have been blighted by bad weather in recent days following blizzards in the US north east.

The largest losses of the day all went to mining companies. Kenmare Resources shed 12pc to 24c, while Petroneft sank 11pc to 5c and Ormonde Mining lost 8pc to 5c.

Insurer FBD closed down 2pc to €17.55, after the company announced that its operating earnings per share will be 10c lower than expected after unforeseen windy weather hiked claims at the end of December.

In Europe stocks rose the most in a week, buoyed by strong results from clothing retailer Next. The British company jumped to its highest price in at least 25 years after raising the profit forecast for its full accounting year and announcing a special dividend.

"Next is a good surprise for the market," said Pierre Mouton, a portfolio manager at Notz, Stucki & Cie in Geneva.

"My gut feeling is this year we will see the market moving a lot around the pace of tapering in the US."

National benchmarks rose in all the 18 western European markets. The UK's FTSE 100 gained 0.2pc, while Germany's DAX added 0.4pc and France's CAC 40 climbed 0.5pc.

The composite Stoxx 600 Index added 0.6pc to 327.64 at the close and was little changed for the week.

The gauge rallied 17pc in 2013 as central banks around the world left interest rates low and the US Fed's decision to slow the pace of its stimulus package boosted investor confidence in a US recovery.

Irish Independent

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