Friday, September 28 12:53:37
The min Dublin shares index hardly moved this morning as investors play a waiting game to see if Spain will seek a bailout after it brought in a hairshirt budget.
By 12:45, the ISEQ was up 0.58 of a point to 3,272.92.
Spanish government bond yields rose above 6 percent again as attention turned from Madrid's new budget to a pending assessment of its troubled banks and to French budget plans. Markets in riskier assets were otherwise generally buoyed by expectations that the tough Spanish budget is a prelude to an EU aid programme that will allow the European Central Bank to try to reduce its high borrowing costs by buying its bonds. The euro also firmed.
Shares in Providence Resources climbed 5c to E8.45 after it agreed to sell its 100pc interest in the Singleton field to Igas for a total consideration of $66m. Singleton is located onshore UK, produced 530 bopd in H1 and, according to Igas, had 5.3 mmbbl of proven and probable reserves. The agreement also includes the sale of Providence's 50pc interest in the onshore licence containing the Baxter's Copse oil discovery. The transaction is expected to complete in December 2012. In its interims, Providence reported revenues of E7.7m, up +36pc year-on-year (yoy) on higher prices (+21pc) and sales volumes (production increased 5pc yoy). The group incurred a E28m operating loss due to an impairment charge related to disrupted drilling operations at the Singleton field.
Fresh foods group, Origin Enterprises saw its stock dip 2c to E4.34. The UK Office of National Statistics (ONS) records that there has been a downward trend in purchases of fruit and vegetables (F&V) since 2006.: Lowest income households reduced purchases of F&V (excluding potatoes) by 20pc between 2007 and 2010, down to an average of 2.7 portions per day per person of a 'five a day' target. Households in the second income decile reduced purchases by 12pc. For all households, consumption at four portions per day per person was unchanged compared with 2009, was at the same level as in 2001-2002 but was lower than between 2004/2005 and 2008. ONS notes that consumption of 'five a day' is declining faster for women and that 25pc of men, 27pc of women and 20pc of children (aged 5 to 15 years) consumed the recommended 'five a day' in 2010.