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ISEQ rebounds in morning trading

Friday, December 06 13:02:23

The ISEQ rebounded after four days of weak and flat trading this morning as investors sought out bargain stocks.

By 12:45, the index was up 45.62 points to 4,395.14.

A rally in Swiss food firm Nestle helped European stocks snap their longest losing streak in six months, although the market's rise was capped by caution ahead of the release of key U.S. jobs data later in the day.

Irish listed builders, Abbey, this morning posted pre-tax profits of E7.65m for the six months to the end of October compared to E5.95m the same time last year as it reaped the benefits of a surge in demand for new homes in Britain. Abbey said that its housebuilding division completed 163 sales in the six month period - 156 in the UK, four in Ireland and three in the Czech Republic. This resulted in a turnover of E39.86m. The company said that its project in Kilcoole is now completed, while new projects in Shankill and Rathfarnham in Dublin are under way. It said that advance sales in Shankill have gone well. Its project in Rathfarnham will come to the market in the spring. Its shares were unmoved at E10.40.

The Government does not envisage an early sale of the 15pc equity stake it holds in Bank of Ireland, Finance Minister Michael Noonan said today.

The government sold a 1.8 billion euros preference share in the bailed-out bank on Wednesday, triggering speculation it would turn its attention to selling its ordinary shares in the bank, which have more than doubled in value this year and now worth 1.2 billion.

"We'll hold onto it at the minute," Noonan told reporters in London. "We certainly won't be having any firesales and I don't envisage an early sale." BoI shares were flat at E0.26.