Tuesday, October 15 17:40:23
The ISEQ rose sharply as Michael Noonan unveiled his Budget and as global markets rose in hopes that talks in the US will end the fiscal stalemate there.
The ISEQ was up 52.19 points to 4,322.18.
Minister Noonan has forecast a 2014 fiscal deficit of 4.8 percent of GDP today as he presented next year's budget, the country's first without an international aid backstop since it took a bailout in 2010.
Signs of a deal to avert an economically damaging U.S. debt default boosted world equity markets and the dollar, though firm short-term interest rates highlighted concerns that the problem may just be postponed. Hopes rose after U.S. Senate Majority Leader Harry Reid, a Democrat, and his Republican counterpart, Mitch McConnell, ended a day of talks on Monday, with Reid saying they had made "tremendous progress".
Smurfit Kappa Group has announced the acquisition of CRP in Corby in the UK. CRP is a high-end box plant which produces litho-laminated packaging, 3D point-of-display products and high-definition pre-print products. The company employs 220 people and therefore appears to be larger than SKG's existing corrugated facilities which typically employ 150-160 people. No details were given on terms or price but it appears to be a relatively small, bolt-on acquisition. Shares in SKG rose 57c to E17.60.
Independent News and Media (INM) has released an IMS statement covering the first 41 weeks of the year to October 11th. The statement shows a marked improvement in the advertising revenue performance compared to the first half of the year. "It is clear that the slowdown in the rate of decline in July and August has persisted through September and into October," said Davy. Shares in INM rose 1c to E0.07.