Subdued volumes traded on world markets as London and New York closed for holidays

Shares rose yesterday as investors’ hopes that countries would begin easing Covid-19 restrictions grew.

However, London was closed for the spring bank holiday while New York shut for Memorial Day, subduing volumes traded on world markets.


The optimism behind global markets helped boost Irish shares on Monday. Ryanair Holdings climbed 2.29 per cent to €10.96 despite news that Germany would bail out the Irish airline group’s rival, Deutsche Lufthansa, in a move that the Dublin-based carrier is certain to challenge. Ryanair shares hit a high of €10.97 late in the day.


House builder Cairn Homes added 3.43 per cent to close at 87.4 cent on Irish hopes that the economy can begin undoing some of the damage wrought by Covid-19 restrictions. Its competitor, Glenveagh Properties, closed 1.27 per cent up at 63.7 cent.


Insulation and building materials maker Kingspan added 3.85 per cent to close at €55.30. Another construction materials manufacturer, index heavyweight CRH, added 1.96 per cent to €28.05, which was also the stock’s high point for the day. The group traded as low as €27.46 earlier on Monday.


Hibernia Real Estate Investment Trust (Reit), which is due to publish results for the 12 months ended March 31st this week, advanced 2.77 per cent to €1.038. Landlord, Irish Residential Properties Reit was up 1.68 per cent at €1.214.


Hotel Group Dalata was among the Irish market’s stronger performers, surging 5.91 per cent to €2.955. The owner of the Maldron and Clayton hotel chains traded at a high of €2.98 shortly before lunchtime on Monday before giving up some of that ground later in the day.


Lenders were among the few laggards on the Dublin market. AIB shed 1.54 per cent to 95.85 cent while Bank of Ireland slid 3.15 per cent to €1.477. Permanent TSB fell 1.79 per cent to 44 cent.


Packaging maker Smurfit Kapp dipped 0.74 per cent to €29.42. Ingredients and convenience foods specialist Kerry Group added 1 per cent to €102.50.





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