Thursday, September 26 12:56:48
The ISEQ index slipped marginally in to the red again this morning as investors awaited leads and as global economics and central bank policy weighed.
By 12:45, the ISEQ was down 5.73 points to 4,267.50.
European equities fell as concerns over the future of Italy's fragile governing coalition returned to the fore. A budget impasse in Washington and a looming battle over the U.S. debt ceiling also kept investors on edge, with the FTSEurofirst 300 down 0.2 percent at 1,254.67 points. Milan's FTSE MIB index was down 1.8 percent, underperforming other regional benchmarks, as centre-right deputies supporting Silvio Berlusconi renewed threats to resign if their leader is expelled from parliament after a tax fraud conviction. Equity strategists said that both the fiscal uncertainty in Washington and the political situation in Italy would be contained, and that any market weakness should be used to add to positions in equities.
Dublin-listed mobile e-commerce group, Zamano, this morning posted operating profits for its half year that rose 14pc to E1.245m from E1.088m a year earlier despite a dip in revenues. Revenues for the six months to the end of June fell to E9.019m from E9.46 million the same time last year, which was mostly down to a decline in sales in Ireland after regulator, ComReg, changed regulations covering mobile operations. Meanwhile, core profits, as measured by EBITDA, stood at E1.421 million, which was 7.3pc ahead of the same period in 2012. Shares in the group dipped 1c to E0.15.
CRH stocks gained 1c at E17.78. According to press reports in India the Jaypee Group has shortlisted two cement units for sale in the state of Himachal Pradesh (North India). They have 2m tonnes of capacity and the deal is speculated to have an enterprise value of $480m which looks high to Goodbody Stockbrokers. The article notes that CRH has "being tapped for the purchase". "However, given its position, in the North, versus CRH's presence in the southeast, and the price tag, we view such a purchase as unlikely. For example, CRH's JV partner MY Home Industries recently acquired 3.2m tonnes of assets in the south for E175m. Given CRH's interest in India it is always going to be linked with any potential disposals in the region. However, we place a low probability on this latest speculation, especially given the price tag," said the Dublin broker.