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ISEQ drops as EU ministers meet

Monday, October 08 12:56:04

The main Dublin shares index lost most of the gains it made last week as investors await the result of an EU ministerial meeting today with Spain in the spotlight.

The ISEQ fell 31.29 points to 3,308.02.

The meeting of eurozone finance ministers later today (17.00) will focus on efforts to secure the next tranche of funding for Greece and attempts to tackle the Spanish crisis. With the Greek government looking to secure E6.5bn in funding ahead of the November deadline, the finance ministers will likely make positive signals towards the Greek austerity efforts ahead of the visit of Chancellor Merkel to Athens in which she is expected to signal her commitment to Greece remaining in the currency union.

At home, shares Kerry fell 37c to E40.44. Goodbody Stockbrokers noted that Cranswick, the UK manufacturer of sausages and cooked meats, said today that its performance in H1 to end September was in-line with its expectations. Underlying sales increased by 5pc, with total turnover higher again due to a small acquisition made last year. The company commented on the fact that pig prices were increasing and further rises were expected and that "discussions on price increases will be necessary with its customers. "Kerry is the market leader in sausages in the UK and Ireland. The impact of raw material price increases will be offset by on-going cost efficiency programmes as part of the Kerryconnect programme, though selective price increases may also be necessary," according to analyst, Liam Igoe.