Dublin – As investors head into the last weekend of November, the Ireland stock market has capped a strong week with the ISEQ Overall Index hovering just below a fresh 52‑week high and sector moves telling a nuanced story of domestic resilience and global jitters.
On Friday 28 November, the ISEQ Overall Index closed at 12,836.29, up 54.97 points (+0.43%), with an intraday range between 12,742.81 and 12,868.29 – the latter matching its 52‑week peak. Over the past year the index has climbed by roughly 34%, leaving Dublin among Europe’s stronger equity markets. [1]
The ISEQ 20, which tracks the largest Irish-listed companies, finished at 2,141.90, a gain of 0.59% on the day and more than 5% over the last five sessions, underlining a powerful late‑month rally. [2]
As of Saturday morning 29 November, data providers still show the ISEQ All‑Share at Friday’s close, confirming that the Ireland stock market ended the week near the top of its recent trading range. [3]
ISEQ snapshot: quiet session, strong week
Despite the modest Friday move, the underlying trend on the Ireland stock market has been robust:
- ISEQ Overall Index: 12,836.29, +0.43% on Friday, about +5.4% over the past five trading days. [4]
- ISEQ Financial: 686.14, up 0.69%, helped by AIB and Bank of Ireland. [5]
- ISEQ General: 8,456.81, up 1.40%, reflecting gains across domestically oriented names. [6]
- ISEQ Small Cap: 1,479.32, essentially unchanged on the day. [7]
According to historical data, the index’s 52‑week range now spans 9,164.86 to 12,868.29, underlining how far Irish equities have recovered from last year’s lows. [8]
Homebuilders and insurers headline ISEQ 20 gainers
Friday’s trading in Dublin was described as a “quiet end to November” in local business coverage, but there was clear leadership from property and construction names. [9]
On the ISEQ 20, MarketScreener’s rankings show: [10]
- FBD Holdings topped the table, rising about 3.3%, extending a strong run for the insurer as investors continue to favour domestically focused financials.
- Glenveagh Properties added roughly 2.2%, while Cairn Homes advanced between 1.5% and just over 2%, as both developers benefited from ongoing demand in the Irish housing market. [11]
- Kingspan Group, the building materials and insulation giant, increased by just over 2% to around €73.85, making it one of the day’s more significant blue‑chip gainers and reinforcing the strength of the broader construction complex. [12]
- Origin Enterprises also moved higher, gaining around 1.6% amid a relatively quiet news flow. [13]
The performance of this group fits a broader pattern seen throughout November: investors have been willing to rotate into cyclical, domestically sensitive stocks whenever macro data or global rates expectations turn slightly more supportive.
Banks: AIB edges higher as sector remains a November winner
Irish banks had a mixed session on Friday, but they remain among the standout contributors to the ISEQ’s year‑to‑date gains.
In Dublin trading on 28 November: [14]
- AIB Group shares climbed about 1.1% to €8.85, near the top of their 52‑week range of roughly €4.94–€8.87.
- Bank of Ireland inched up around 0.3% to approximately €15.96, adding to strong gains earlier in the month as improved earnings and higher capital distributions bolstered sentiment.
- Permanent TSB (PTSB) slipped about 1.3% to €3.05, reflecting some profit‑taking after a robust run and continuing sensitivity to concerns about mortgage and consumer credit quality.
Earlier in November, a stream of macro releases – including a fall in Irish unemployment to 5.0% in October, a widening trade surplus driven by pharma exports, and producer prices still in year‑on‑year deflation – helped support the banking sector by reinforcing the idea that Ireland’s economy remains resilient despite global headwinds. [15]
At the same time, European commentary has started to question whether the sharp run‑up in bank stocks across the continent can continue indefinitely, with one widely read MarketScreener piece framing the debate as “the end of the rally for European banks?” a day earlier. [16]
Ryanair: Prime membership trial scrapped, shares dip
One of the most closely watched corporate headlines for Ireland stock market investors on 28 November came from Ryanair, Europe’s largest low‑cost carrier and a key ISEQ 20 constituent.
Multiple reports confirmed that Ryanair will discontinue its “Prime” membership subscription programme after an eight‑month test. The airline concluded that the discounts it was offering to subscribers outweighed the fees it was collecting, making the product commercially unviable in its current form. [17]
- In Dublin, Ryanair’s shares fell about 1.05% to €28.22 on Friday, making it one of the sharper blue‑chip decliners on the ISEQ 20. [18]
- On overseas venues, including US‑listed ADRs, the stock traded near recent highs, with some data providers flagging or approaching all‑time highs over the week as investors continued to price in robust earnings and ongoing share buybacks. [19]
The decision to shelve Prime is relatively small in financial terms, but it reminds investors that Ryanair is still experimenting with ancillary revenue models – and that not every test sticks. For now, the market appears willing to look past the reversal, given the airline’s strong traffic growth and margin outlook heading into 2026.
Kingspan and FBD round out blue‑chip support
Beyond banks and airlines, several other ISEQ 20 constituents helped keep the Ireland stock market in positive territory:
- FBD Holdings, which focuses on the Irish insurance market, delivered the largest percentage gain on the ISEQ 20, up roughly 3.3%. The move builds on a year in which the company has benefited from firm pricing and improving profitability. [20]
- Kingspan Group’s rise of just over 2% added meaningful index points, aligning with a broader bid into quality industrials as investors rotate away from the most expensive global tech names. [21]
- Glenveagh Properties and Cairn Homes continued to draw support from Ireland’s chronic housing shortage and sustained government attention on supply, even as rising interest rates earlier in the year weighed on affordability. [22]
Among the laggards, in addition to Ryanair and PTSB, Kenmare Resources, Irish Continental Group and Irish Residential Properties REIT posted mild declines, highlighting that the day’s weakness was selective rather than broad‑based. [23]
Macro backdrop: softer retail sales but powerful exports
The latest Central Statistics Office (CSO) releases, many of which landed in November and were still fresh in traders’ minds on 28–29 November, paint a mixed but broadly constructive picture for the Ireland stock market.
Retail sales cool in October
Alliance News, citing CSO data published on Friday 28 November, reported that: [24]
- Retail sales volumes fell 0.5% month‑on‑month in October, following a 0.3% increase in September.
- Year‑on‑year growth slowed to 2.1%, down from 3.7% in September.
For equity investors, the numbers suggest consumer demand is still expanding but losing momentum, an important nuance for domestically focused names such as retailers, homebuilders and some financials.
Producer prices and energy costs
A separate CSO‑based report earlier in the month showed that: [25]
- The overall producer price index for manufacturing rose 0.7% between September and October, but remained 3.5% lower than a year earlier, confirming ongoing disinflation in factory‑gate prices.
- Wholesale electricity prices jumped 6.6% on the month but were still 18.5% lower than October 2024 and about 74% below their August 2022 peak, easing some of the pressure on energy‑intensive industries.
- Food producer prices were modestly higher year‑on‑year, while prices in some chemical segments surged, reflecting Ireland’s role as a pharma and life‑sciences hub.
These figures support margins for many listed Irish manufacturers and help temper worries that input‑cost inflation could suddenly flare back up.
Trade surplus boom powered by pharma and the US
On 19 November, another CSO release highlighted just how powerful Ireland’s export engine has become: [26]
- Goods exports in September increased 28% year‑on‑year to €28.5 billion, with medical and pharmaceutical products accounting for nearly two‑thirds of the total.
- Exports to the United States more than doubled, surging 126% to €16.3 billion, mostly in chemical and related products.
- Imports grew much more modestly, leading the seasonally adjusted trade surplus to widen to €16.1 billion, up sharply from €4.7 billion in August.
Taken together, these releases explain why – even with cooling retail sales – the macro environment behind the ISEQ remains broadly supportive, particularly for large exporters and globally exposed earnings streams.
Global market context: CME glitch, Fed hopes and tech fatigue
Friday’s European and US trading sessions, which set the tone for sentiment on the Ireland stock market, were anything but boring.
An Irish Times market wrap noted that: [27]
- European shares reversed early losses to finish modestly higher, with the pan‑European Stoxx 600 up around 0.23% and major indices such as the FTSE 100, CAC 40 and DAX 40 rising roughly 0.3%.
- Commodity‑linked sectors gained as oil and metal prices ticked higher, while bank stocks cooled after a strong week, partly due to renewed nerves around Italian lender Monte dei Paschi di Siena.
- In the United States, a trading freeze at Chicago Mercantile Exchange’s currency and futures platform briefly disrupted global markets before operations resumed.
- Despite the glitch, US indices closed the shortened post‑Thanksgiving session higher, with investors increasingly confident that the Federal Reserve could deliver a rate cut at its December meeting following weaker US data.
For Irish equities, the backdrop is a double‑edged sword: lower global yields and renewed risk appetite support valuation multiples, but the market remains wary of over‑extended tech valuations and the lingering impact of the long US government shutdown earlier in the month, both of which featured prominently in recent global coverage. [28]
How strong is the Ireland stock market going into December?
With the ISEQ trading at the upper end of its 12‑month range and the ISEQ 20 up more than 5% just this week, investors are asking whether Dublin’s rally can continue into the final month of 2025. [29]
Key takeaways from the 28–29 November news flow:
- Momentum is still positive.
The ISEQ’s grind higher, even on a “quiet” Friday, reflects ongoing foreign and domestic interest in Irish equities, especially in banks, builders and industrials. - Macro data are mixed but not alarming.
Retail sales are easing, yet export performance and disinflation in producer prices help offset concerns about a slowdown, providing a supportive backdrop rather than a boom‑or‑bust environment. [30] - Stock‑specific stories matter.
Ryanair’s Prime reversal, Kingspan’s strength, FBD’s outperformance and the nuanced moves in AIB, Bank of Ireland and PTSB show that alpha is increasingly stock‑driven, not just index‑level. [31] - Global risk factors haven’t gone away.
From CME infrastructure hiccups to debates about AI‑driven tech valuations and geopolitics, the Ireland stock market remains plugged into global narratives that can change quickly. [32]
Looking ahead to December, Ireland‑focused traders will be watching:
- The December Fed meeting and any signals from the European Central Bank on the 2026 rate path. [33]
- Additional CSO releases on inflation, employment and construction activity. [34]
- Company‑specific updates, especially from AIB, Bank of Ireland, Ryanair, Kingspan and the major homebuilders, which now carry a large share of the ISEQ’s performance. [35]
Important note for readers
This article is based on publicly available market data and news from 28–29 November 2025 and is intended solely for informational and journalistic purposes. It is not investment advice. Investors should consider their own circumstances and, where appropriate, seek regulated financial advice before making investment decisions.
References
1. www.investing.com, 2. www.marketscreener.com, 3. liveindex.org, 4. www.investing.com, 5. markets.ft.com, 6. markets.ft.com, 7. markets.ft.com, 8. www.investing.com, 9. www.irishtimes.com, 10. www.marketscreener.com, 11. www.marketscreener.com, 12. www.irishtimes.com, 13. www.marketscreener.com, 14. www.irishtimes.com, 15. www.marketscreener.com, 16. www.marketscreener.com, 17. de.marketscreener.com, 18. www.irishtimes.com, 19. www.hl.co.uk, 20. www.marketscreener.com, 21. www.irishtimes.com, 22. www.irishtimes.com, 23. www.marketscreener.com, 24. www.marketscreener.com, 25. www.marketscreener.com, 26. www.marketscreener.com, 27. www.irishtimes.com, 28. www.irishtimes.com, 29. www.investing.com, 30. www.marketscreener.com, 31. www.irishtimes.com, 32. www.irishtimes.com, 33. liveindex.org, 34. www.marketscreener.com, 35. www.irishtimes.com
