Sector movers: Building materials lead gains
The building materials sector was the top riser on Friday, with auto parts and household goods the laggards.
CRH was the main driver of the rise on the back of a weaker dollar for the US-focused business and comments from chief executive Albert Manifold about a possible US listing.
Speaking to the Irish Times after some analyst speculation that group could list its US business in New York in order to create some value from the stock trading at a discount to US peers, Manifold said: “We keep an open mind, and it’s something we keep under review with our advisers.” He also answered a question about potential share buyback programmes by saying, "We’ve done it in the past, and I suspect we’ll do it again at some stage."
The automobiles & parts sector was lower as the takeover of GKN goes through the final throes, while household goods & home construction sector was lower at first-quarter results from Reckitt Benckiser disappointed and housebuilder Countryside Properties was hit by US hedge fund Oaktree Capital selling its entire 8% stake in the company.
Durex and Dettol maker Reckitt was under the cosh as like-for-like sales for the first quarter rose 2% amid negative pricing in some areas, echoing comments from rival Unilever said a day earlier that pricing is pressurised. LFLs were short of the company-compiled consensus estimate for 2.6%.
Top performing sectors so far today
Construction & Materials +2.35%
Mobile Telecommunications +1.67%
Health Care Equipment & Services +1.27%
Real Estate Investment Trusts +1.10%
Bottom performing sectors so far today
Automobiles & Parts -1.93%
Leisure Goods -1.38%
Household Goods & Home Construction -1.16%
Industrial Engineering -0.55%
Industrial Metals & Mining -0.47%