Monday, September 10 17:38:33
The ISEQ hardly moved today as Irish and global investors awaited this week's statement from the US Fed with hopes for a new stimulus package in the balance.
The index fell 1.55 points to 3,260.35.
European shares edged lower today, pausing after a two session rally as investors took profits on stocks less exposed to any uptick in growth as a result of potential central bank interventions in Europe and the United States. Risk appetite was supported by speculation the U.S. Federal Reserve would announce measures to stimulate the economy on Thursday, as well as the European Central Bank's pledge last week to buy struggling countries' bonds if they apply for a bailout.
Shares in Origin Enterprises rose 15c to E4.15. In the pre-close update from Associated British Foods this morning the company said its Frontier business, a competitor of Origin in the UK, continued to trade well. In particular, it noted that high crop prices underpinned good farm profitability which has resulted in strong demand for inputs such as seeds, fertilisers and crop protection products. "Origin Enterprises will release its FY12 results on Wednesday, September 19th. In its Q3 update in May, Origin saw an underlying growth in sales of 8pc, with the core agronomy business performing well. The strong performance within the core agronomy business was partly offset by more challenging conditions in the Valeo Foods associate. Overall, we anticipate modest eps growth but with strong underlying momentum in the core agronomy businesses," said Goodbody's.