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ISEQ closes flat in thin trading

Monday, January 21 17:39:48

The ISEQ closed flat in thin trading today as European shares nudged towards a two-year high.

The index was down 1.97 points to 3,477.72.

IRI data for the US off-trade showed that the cider category continues to grow strongly from its low base. The off- trade cider category grew volume by 94pc year-on-year (yoy) in the four weeks to December 30th. This compares very favourably to growth in beer (-3.1pc); imports (-2.1pc); craft (+9pc); and PABs (+7.6pc). The 12-month growth trend for the off-trade cider category was 78pc. Cider's share of the overall beer market in December was 0.3pc. C and C/Vermont's domestic cider, Woodchuck (the no. 2 brand in the off-trade), grew volume by +30pc in December. The 12- month trend showed 37pc volume growth. Woodchuck held 33pc category volume share in December. C and C's shares rose 8c to E4.63.

Stansted has been sold to Manchester Airports Group for £1.5bn - an 11.7pc premium to its estimated regulated assets base at end-December 2012 (£1,342.7) and for c.16x EBITDA for 2012. The passenger numbers are 17.5m with 14 airlines operating there. Stansted airport numbers have dropped by over a quarter since peak after airport charges and discounts were unwound in 2007, and Ryanair (75pc of the airport capacity) will be the key in growing traffic. "If agreement can be reached on a growth deal, Stansted could be one of the building blocks for Ryanair's renewed growth in the future. Ryanair also has a base at Manchester airport as well as East Midlands and Bournemouth airports (all owned by Manchester Airports Group)," said Davy. Shares in Ryanair were flat at E5.29.