Friday, October 25 12:39:39
The ISEQ remained in the red for the fifth straight day today as investors await leads.
By 12.30, the ISEQ was down 16.28 points to 4,338.12.
European shares steadied after a growing list of companies reported earnings hit by an adverse exchange rate, prompting investors to lock in profits at the end of a third straight week of market gains.
A strong euro hit sales at French insurer AXA and carmaker Renault, while prompting electrical gear maker Schneider Electric to lower its full year forecasts.
At home, shares in Kerry Group fell 20c to E45.61. Kerry's nine-month IMS is due on October 30th. Davy said that against the backdrop of the challenging consumer and FX environment, Kerry should be supported by good underlying volume growth and continued year-on-year (yoy) gains in trading margin. "FY guidance for adjusted EPS is growth of 7-11pc; our forecast stands at the mid-point of this range (+8.9pc)," the broker said.
Still in the food sector, Glanbia's stocks fell 6c to E9.54. "We expect underlying performance at Glanbia to have remained robust during the third quarter, underpinned by growth in Performance Nutrition. FY guidance is for constant currency EPS growth of 8-10pc - we are towards the upper end of this range. FX is proving to be an increasing headwind, however, with H2 to date averaging -5.5pc for the euro/US dollar. This will put further pressure on reported numbers," Davy said.