Grafton and CRH perform despite poor Irish outlook

Published:  14 December, 2010

DUBLIN: Irish construction sector deteriorated during November with new businesses falling according to the latest Ulster Bank purchasing managers index.

The pace of contraction is also accelerating with new business and employment felling at faster rates.

Business sentiment was negative for the first time since December. The PMI, which measures activity in the sector, fell for the third month running to 41.7 in November, from 42.3 in October.

Despite this, share prices in CRH and Grafton performed well yesterday. CRH, with only a tiny exposure to Ireland added 12.5 cents to close at €15.22.

Grafton, whose activities have become increasingly weighted towards the UK market, also shrugged off the negative data. The stock rose more than 1% or 3.5 cents, to almost €3.11 in advance of the interim management statement due out today from its UK peer Travis Perkins.

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