Iseq: 2,934.00 (+8.97) Settlement date: May 30th: THE IRISH market finished in positive territory yesterday, driven higher by a strong performance from airline stocks as concerns over the impact of the Icelandic ash cloud eased.
Airlines went better across Europe yesterday on the back of speculation that the Grímsvöten volcano has stopped erupting. The sector had been hit by heavy selling at the start of the week when news of the latest volcanic ash cloud emerged, with many carriers down 4 per cent on Monday alone.
Irish airlines also benefited from the announcement yesterday afternoon that Irish airspace had been given the all-clear for 48 hours.
Ryanair was lifted almost 2 per cent, or about six cent, to close at €3.46 as its management continue their post-results investor roadshow.
Rival airline Aer Lingus gained more than 3 per cent, or 2.5 cent, to 82 cent.
Pharmaceuticals firm Elan delivered the star performance of the day, advancing 5 per cent, or 30 cent, to €6.18 after announcing an investment in US firm Proteostasis Therapeutics.
Meanwhile, brokers noted that uncertainty surrounding the euro zone debt crisis and Ireland’s bail-out package has weighed on Irish bank stocks for the last few sessions. Bank of Ireland ran into further selling pressure yesterday. It traded steadily down during the morning session, and although it rallied slightly when US markets opened, it finished at 18.8 cent, a low for the year so far.
A media report suggesting that AIB is in discussions to sell its US commercial mortgage book supported the stock, one broker said. It was little changed at 18.4 cent.
Cement group CRH remained under pressure and underperformed its peers, falling more than 1 per cent, or 18.5 cent, to just below €15.00.
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