Thursday, September 05 17:41:37
Yesterday's steep losses turned in to strong gains today as investors sought out profits, Fyffes' shares gained and European markets reacted to the latest ECB meeting on rates.
The ISEQ was up 53.38 points to 4,215.93.
The European Central Bank left its main interest rate unchanged at a record low of 0.50 percent today, as recent economic data has shown a nascent recovery taking hold in the euro zone. Strong orders for manufactured goods helped factory activity in the currency bloc rise at the fastest pace in over two years in August and led to backlogs of work for the first time since mid-2011, a survey showed on Monday.
Fruit distributor Fyffes has reported a 6.4pc increase in total revenues for the six months to the end of June, and said that trading condiitons have remained positive in the early months of the second half of the year. The company said that it is increasing its target earnings range for the full year from E27-33m to E29-34m. Fyffes said that its pre-tax profits inched 1.1pc higher to E22.2m from E21.9m while total revenues - including its share of joint ventures - rose to E585.4m from E550.1m. The company said its interim dividend rose by 4.6pc to 0.68 cent from 0.65 cent in the first half of last year. Fyffes shares rose 1c to E0.77.
Recruitment group CPL Resources has reported a 26pc rise in pre-tax profits for the year to the end of June, and said that it expects to achieve further profitable growth in the months ahead. CPL Resources said its pre-tax profits rose to E12.3m from E9.75m while revenues increased by 14pc to E330.8m from E290.24m the previous year. The company said the improved results were driven by increased demands for its services and reflected growth across all its major business areas and locations. Cpl shares fell 2c to E6.00.