Friday, August 09 12:48:41
The ISEQ rose this morning for the fourth straight day as reassuring economic data out of top metals consumer China prompted investors to hunt out bargains.
By 12:45, the ISEQ was up 28.56 points to 4,258.54.
China's industrial output rose by 9.7 percent in July, above expectations, while retail sales increased by 13.2 percent and consumer price inflation steadied, data showed today. The data, which added to a run of releases suggesting the world's second-largest economy may be stabilising after more than two years of faltering growth.
At home, shares in Fyffes were flat at E0.67. Fyffes has targeted supply chain efficiencies in banana shipping and logistics into Northern Europe since the end of the EU banana regime. Chiquita and other competitors have been slow to follow suit and have lost significant market share to Fyffes as a result. Fyffes may prove hard to dislodge from its market leading position in Northern Europe given its concentrated geographic footprint and supply chain flexibility.
FBD's stocks rose 1c to E16.65 after CSO data showed that private motor insurance rates rose in June, with home insurance rates remaining flat. FBD has suggested that any growth in the insurance market will be negligible in 2013, notwithstanding more stable domestic demand.