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ISEQ flat after yesterday's rebound

Wednesday, October 17 12:54:55

The ISEQ returned to flat trading after yesterday's modest rebound as investors cashed in gains.

By 12:45, the ISEQ was up 3.20 points to 3,274.23.

European shares rose for a third consecutive session after Spain clung onto its top grade credit rating, bolstering expectations the euro debt crisis can be contained. The FTSEurofirst 300 index rose 0.2 percent to 1,115.20 points by around midday, while the euro zone Euro STOXX 50 index advanced 0.5 percent to 2,560.89 points. Spain remains under pressure to accept a sovereign bailout to help it deal with its debt burden.

The all-contract price at the latest Global Dairy Trade (GDT) auction event on October 16th rose by 1.8pc, Davy noted today. Results were mixed across the various products. WMP led the increases with a 9.2pc gain. Cheddar with a 9.9pc fall overall was weakest. "It could be described as a mixed result, with some prices up and some down, but the rise in the WMP price (9.2pc overall and ranging 7.0-9.7pc across the contract periods) was the most significant. This is the most globally traded dairy product and its price rise will be seen as underpinning the run-up in dairy prices since mid-year. Prices at GDT have risen in five of the last seven events with the amplitude of rises much greater than declines. US cheese prices (CME) fell on the back of the GDT result - a big gap exists between the US cheese price and prices elsewhere. This may exert some downward pressure on US prices which have surged over the past few months," the broker said.

Shares in Kerry Group fell 5c to E40.26, Aryzta was flat at E38.50 and Glanbia rose 3c to E7.26.