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ISEQ in tentative morning's trading

Friday, October 12 12:52:58

The ISEQ rose for the first time this week, though the gains were small as investors reacted to Spain's hesitance to seek a bailout.

The ISEQ rose 10.44 points to 3,242.55.

The FTSEurofirst 300 index has been hovering in a band of about 50 points in the past two months, against around 100 points in June and July. At 0838 GMT, the index was down 0.3 percent at 1,095.73 points.

Back in Dublin, shares in IFG fell 2c to E1.40. Davy noted that Hargreaves Lansdown (HL), a peer of IFG in the UK, has published (October 12th) an interim management statement covering the period to October 11th including trading results for the three months ended September 30th. Assets under administration (AUA) rose by £2.2bn in the quarter to £28.5bn (up 8pc or 28pc year-on-year) with revenues up 20pc on the comparable quarter in 2011.

Shares in insurance group, FBD, fell 6c to E9.74. Central Statistics Office (CSO) data show that both private home insurance rates and private motor rates rose marginally in September. The 0.2pc rise in home insurance rates left the year-on-year (yoy) reduction in rates at 4pc at the end of September, compared with -4.2pc year on year (yoy) at the end of August. The 0.1pc rise in private motor rates took the yoy growth rate to 3.2pc at the end of September (2.9pc yoy at end-August). "The monthly trend in rates, particularly for home insurance, can be volatile and September's marginal advance in rates follows a more mixed trend in the preceding months. Overall, the Irish non-life market has continued to contract as domestic demand remains weak. FBD reported that gross written premiums fell by 1.6pc to E174.7m in its first half, having been flat in Q1, as weak demand continued to reduce insurable values and competition reduced rates for certain products," said Davy analyst, Emer Lang.