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ISEQ stages a wary rebound after losses

Thursday, October 11 12:46:00

The ISEQ broke a four-day losing streak this morning but investors remained wary after Spain suffered a ratings downgrade.

By 12:30, the ISEQ was up 17.95 points to 3,258.93.

Major retail stocks led European shares higher after three days of losses, although traders said a rating cut for Spain could peg back markets to the tight trading range seen in the last month. The FTSEurofirst 300 index rose 0.5 percent to 1,093.58 points, while the euro zone Euro STOXX 50 index also recovered from earlier losses to rise 0.4 percent to 2,462.48 points.

Lower cap stocks dominated newsflows this morning. Shares in miner, Kenmare Resources, dipped 3c to E0.46. Kenmare has reported that its Moma titanium mineral sands mine produced 174,100 tonnes of ilmenite in Q3, a 21pc increase on Q2 production. The increase in production came despite some disruption to the electricity supply due to upgrading work being carried out by the national utility. Production in Q3 included a record 73,400 tonnes of ilmenite production in August. This is a significant number as it demonstrates that the mine is capable of producing ahead of nameplate capacity (current nameplate capacity implies a monthly run-rate of 66,700 tonnes per month).

Irish energy prospector, Petroceltic, returned to the London and Dublin stock markets - the AIM and the ESM - today following the completion of its merger with Melrose Resources. The merger, which was announced in August, was approved by Bulgarian authorities earlier this month. Petroceltic is focused on North Africa, Mediterranean and the Black Sea with a portfolio comprising production, development and high-impact exploration assets. Its shares in Dublin were flat at E0.09.