CRH's nine-year shares high fuelled by Euro Stoxx rumours

It fell out of the influential index two years ago...

Shares in CRH climbed as much as 4.3% to €30.32 on the Irish Stock Exchange yesterday, amid speculation that it will soon be rejoining the Euro Stoxx 50.

The Dublin-based building materials group is the largest company on the Iseq and hit a nine-year high on Wednesday trading, before ending the session up 0.9%.

The Euro Stoxx is Europe's most influential stock market and Goodbody analyst Robert Eason told the Irish Times:

"I think [CRH] is poised around 40th at the moment, so it's well in there."

The Euro Stoxx currently contains no Irish companies. Market data at the end of August will decided how it will be made up.

CRH was relegated from the index two years ago, with Nokia usurping its position.

Market indications suggest it will return to Euro Stoxx, however, with a strong recent run prompted by the group's July move to raise its first-half guidance by 10%.

It reported on July 22nd that it now expects to report interim earnings of €1.1bn before interest, tax, depreciation and amortisation on August 25th.