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ISEQ surges to a 50-month high

Tuesday, March 12 17:35:25

The main Dublin shares index rose today to its highest level since September 2008 as vitality and confidence returned to the markets.

The index rose 18.07 points to 3,865.69.

Sterling slipped to a 2-1/2 year low and European shares were flat today after data underscoring Britain's economic weakness bolstered expectations of another jolt of central bank stimulus.

The Irish Independent this morning carries a story suggesting that Ryanair has placed a long-awaited order with Boeing for 200 aircraft with a total value of $18bn (E14bn) at list prices, with deliveries between 2015 and 2017. According to the report, the deal will be announced by President Obama and Irish Taoiseach Enda Kenny on St Patrick's Day (March 17th).

There has been no confirmation or denial of this report from Ryanair and there was no source cited in the newspaper article. If true, the order would put Ryanair back on a growth trajectory in the latter part of the decade and put it on course to achieve its 120m passenger target, giving it a market share of c.18-20pc versus 12pc today. Ryanair shares fell 2c to E5.84.

Zamano, the Irish provider of interactive applications and services to mobile devices, has today reported pre- tax profits of E3.56m for 2012 compared to a loss of E580,000 the year before after it completed a major restructuring. It posted revenue of E19.207m, which was a 28pc improvement on the E15.009n it reported in 2011) and core profits, as measured by EBITDA of E2.506m - up significantly on EBITDA of E0.351m a year earlier. Operating profit came in at E2.049m compared to an operating loss of E0.328m in 2011. The firm had E138,000 cash in the bank at 31 December 2012 versus net debt of E4.381m in the same period a year previously. John Rockett, Chairman of zamano said that the changes wrought in the structure of the firm has paid off. Shares in the group rose 83pc or 5c to E0.11.