Tuesday, August 13 12:36:10
The ISEQ rose after two days of losses this morning ahead of key US economic data due this evening and as Ryanair shares rose despite a criticism of its safety policy on a UK TV investigation programme.
By 12:30, the index was up 19.40 points to 4,258.00.
European shares advanced, rising for their fourth straight session, with investors heartened by indications that Europe's economy is regaining momentum. Output at euro zone factories rose broadly in line with expectations in June while German analyst and investor sentiment for August beat forecasts, helping lift the FTSEurofirst 300 to levels last seen in late May. The FTSEurofirst 300 was up 0.4 percent at 1,235.11 points, within sight of its 2013 peak of 1,258.09. The euro zone's blue-chip Euro STOXX 50 also climbed 0.4 percent, to 2,837.91 points.
Shares in Ryanair climbed 11c to E7.04. Ryanair this morning strongly refuted claims made on a Channel 4 that the airline compromises passenger safety to save costs. The Dispatches programme featured a number of anonymous Ryanair pilots, who made allegations relating to a number of safety issues. In a statement, Ryanair said it had an outstanding 29-year safety record. It said it rejected the "false and defamatory claims made by the Channel 4 Dispatches programme which wrongly impugn and smear Ryanair's outstanding 29 year safety record based on nothing more than anonymous hearsay claims made by individuals whose identity was concealed, and/or by representatives of pilot unions of Ryanair's competitor airlines masquerading as a Non Ryanair Pilot Group".
CRH stocks fell 5c to E17.01 after it confirmed that its Indian joint venture, My Home Industries, has reached an agreement to acquire 100pc of Sree Jayajothi Cements Limited (SJCL). The deal is valued at Rs14bn (E175m) of which CRH's equity interest will amount to c.E35m. My Home is acquiring a modern dry-process facility which further expands the group's footprint in Southern India. "From a CRH perspective, the purchase price ($110p/t) is attractive while material synergies and economies of scale should also accrue over time. The acquisition takes cement capacity at My Home Industries to 8.4mt, giving CRH a very significant presence in the Indian cement market," said Davy.