Friday, September 20 12:57:55
The ISEQ rose - though modestly - this morning for the third straight day as global investors continued to benefit from the US Fed's hold policy on economic stimulus.
By 12:45, the index was up 7.17 points to 4,299.71.
World shares steadied at a five-year high and bond and commodity markets were consolidating a week of major gains after the U.S. Federal Reserve's shock decision to keep its flow of stimulus steady. After the sharp moves of Wednesday and Thursday, Asian and early European trading was largely subdued as investors took stock of their positions and locked in some of the gains, with half an eye on German elections on Sunday.
Yesterday's Irish GDP data show a welcome 0.4pc rise in Q2 2013 following the 0.6pc contraction in Q1 2013. GDP is still down 1.2pc on the year. The rebound in Q2 was driven by consumer spending up 0.7pc and exports up 4.5pc. Investment spending fell by 3.4pc in Q2 2013 following a 6.4pc contraction in Q1. However, excluding the volatile aircraft leasing sector, investment spending is up by 11.8pc, with building and construction rising by 11.3pc. "Although we will probably revise our forecasts for calendar year GDP growth in 2013 below 1pc, we still believe that activity will rebound in H2. Hence, we are unlikely to substantially revise our forecast 2.1pc GDP growth in 2014," said Davy.
Shares in Ryanair were flat at E6.30 after it promised to transform its "abrupt culture" in a bid to win customers from costlier rivals, admitting for the first time that it had a significant problem with customer service.
The Irish airline, this week voted the worst of the 100 biggest brands serving the British market by readers of consumer magazine Which, said it would become more lenient on fining customers over bag sizes and overhaul the way it communicates.
"We should try to eliminate things that unnecessarily piss people off," Chief Executive Michael O'Leary told the company's annual general meeting after several shareholders complained about the impact of customer service on sales.