Wednesday, March 13 17:46:15
The main Dublin shares index dipped in to the red today, ending a rally that saw it hit some of the highest levels since the downturn began in 2008.
The ISEQ fell 7.06 points to 3,858.63.
Ireland will finally issue its first benchmark bond since prior to the IMF/EU programme as early as this morning. The NTMA announced last night that it will issue a new 10-year bond maturing in March 2023 "through a syndicated transaction in the near future". No amount is specified in the NTMA statement, but it is reported that E2bn-E3bn will be sold.
Glanbia shares rose 12c to E8.38. Glanbia's 2012 results were 4.7pc ahead of Goodbody's forecast at an EPS level, mainly due to the strong finish to the year by the Glanbia Ingredients Ireland's (GIIL) bulk Irish dairy business (a 40pc associate since December and treated as "discontinued" in FY results). The key driver of the 24pc rise in consolidated operating profits was its core US Cheese and Global Nutritionals Division, where profits increased by a third last year and in line with our forecast.
Each of the three sub-divisions saw profit growth last year. In the B2B Ingredient Technologies (whey manufacturing), substantially higher pricing for whey led to significant profit and margin increases. The larger B2C Performance Nutrition business benefited from a 20pc increase in revenue including over 7pc volume growth, particularly in the second half. Profits were higher but margins lower due to the higher whey input costs and new personnel hires. The B2B Pre-mix business benefited from higher volumes as its German plant expansion came on stream mid-year. Cheese revenues were higher due to better volumes and pricing though margins and profits were slightly lower.