Wednesday, September 18 12:50:10
The ISEQ rose modestly after two days of falls this morning with all eyes on the US Fed for indications on its future stimulus policy.
The index rose 15.42 points to 4,291.91.
European shares traded at five-year highs by midday as investors kept their nerve ahead of an expected first cut to the U.S. Federal Reserve's economic stimulus programme. The FTSEurofirst 300 was up 6.32 points, or 0.5 percent at 1,258.95, by 1014 GMT, just above the five-year closing high hit on Monday.
Davy this morning said that Irish banks are embarking on a new phase in which sustainable banking models will be characterised by normalised lending at more appropriate margins and a greater focus on recurring fee income. A more optimal mix between interest/non-interest revenues is desirable. However, structural change is required to ensure that Irish banks can grow non-interest revenues to a level approaching European norms, the broker said.
Main movers were Aryzta, down 36c to E48.99, CRH up 12c to E17.75 and Kerry up 20c to E45.05.