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ISEQ rebounds after weak start

Monday, December 16 17:35:08

The ISEQ rebounded today as investors sought out bargain stocks and kept a wary eye on the US and the Fed.

The index rose 41.24 points to 4,376.84.

The euro rose against the dollar on a surge in business activity in the euro zone in December, while global equity markets were lifted by U.S. manufacturing output and a strong rise in new orders in Europe. U.S. equities finished their worst week in nearly four months last week, a pullback sparked by concerns the Fed may begin to wind down its stimulus at a two-day meeting of policy-makers that ends on Wednesday.

Independent News and Media's plan to raise E40m through share issues will see Denis O'Brien's stake stay at 29.9pc while financier Dermot Desmond will increase his shareholding to 15pc from 6.4pc. The company's shareholders today approved the capital-raising plan. It is the final piece in a complex plan to restructure INM's balance sheet and reduce the media company's debt to around E118m. There are two main elements to the capital raise - a placement of new ordinary shares to new and existing shareholders and a new offer to those who are already stakeholders in the firm. As of close of the offer, INM had received valid acceptances for just over 86pc of the open offer. As a result, shares representing 13.7pc will be allocated to investors with whom they have been conditionally placed. Shares in the group fell 1c to E0.12.