Monday, August 12 12:58:06
The ISEQ fell this morning after four straight days of gains up to Friday as profit takers pocketed gains.
By 12:45, the index was down 29.61 points to 4,236.87.
European shares retreated from two-month highs, with low volumes in the summer holiday period and persistent concerns U.S. stimulus will be reduced soon prompting investors to trim their trading bets.
Shares in CRH fell 13c to E16.94. CRH - via its My Home Industries subsidiary in India - has acquired a stake in Sree Jayajothi Cement, according to Shriram EPC, a quoted Indian company and current majority owner of the business. While light on detail, the company's release indicates a total enterprise value of E173m which suggests an attractive valuation of c.$110 per tonne. "We estimate CRH's share of the acquisition price to be c.E60m. The deal will complement CRH's existing footprint in Southern India and should generate significant synergies and economies of scale," said Davy Stockbrokers.
Kingspan warned at the time of its 2012 results that the first six months of 2013 could be "comparatively tough". "This is reflected in our H1 expectations. We believe the group's 2013 financial result will be skewed towards the second half, especially with the benefits from the 2012 acquisitions only to really start kicking in later this year. Hence, despite what will be a relatively subdued H1 result, we believe Kingspan's prospects remain bright. For those looking for exposure to both a cyclical recovery as well as a genuine structural opportunity, Kingspan - further augmented by a strong financial position - remains attractive," said Davy. Shares in Kingspan rose 4c to E10.75.