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ISEQ gets a lift from bond auction

Thursday, September 13 17:36:24

The main Irish shares index moved higher today after a very successful short-term bond sale by the NTMA.

The index rose 12.07 points to 3,262.51.

The NTMA sold treasury bills for the second time this year today and saw the cost of doing so more than halve to the same level as Italy as it continued to inch back into debt markets against a more favourable backdrop in Europe. The Government has recently begun paving the way towards a full return to long and short-term markets to exit its EU/IMF bailout, a move helped greatly by euro zone leaders agreeing at a summit in June to look at easing Ireland's bank debt.

Shares in Grafton fell 7c to E3.28. In a trading update this morning Home Retail management said it expects to deliver full year results in line with expectations. Its Homebase business reported a like for like decline in sales of 3.7pc in the second quarter (to end of August), reflecting declines in seasonal categories. This represents a significant improvement on the -8.3pc in Q1 and compares to circa +2pc for B and Q in its Q2. The gross margin performance has been strong at Homebase in the first half at +150bps versus -40bps at B and Q.