Friday, August 30 12:50:56
The rebound on the ISEQ went in to reverse this morning as the latest round of corporate half yearly results failed to spur buying.
The index fell 28.41 points to 4,166.40.
Independent News and Media stocks were unchanged at E0.05. It said trading conditions remained challenging during the first half; however, the group has been able to implement its E26m cost reduction plan sooner than analysts had anticipated. "Progress is being made on all of the group's key deliverables, cost reduction and online development while the restructuring process remains on track. While still early days, in recent weeks there have been some very early signs of a slowdown in the rate of advertising decline. Further progress on this front, during September and October, will be a key factor in the INM investment thesis," the broker said.
Permanent tsb's shares were unmoved at E0.04. A new segmental analysis confirms that the core bank was approaching break-even at a pre-provision level in the first half. This segment reported a pre-impairment loss of E12m in H1 with impairment losses leading to an underlying loss of E39m. "It is making significant progress returning to the market with E120m mortgage approvals to date in 2013 and almost 30,000 new current accounts. The group reiterates that its recovery requires a prolonged improvement in the net interest margin, arrears and cost management and funding structure," said Davy.