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ISEQ edges above 4,400 mark again

Tuesday, December 17 17:40:11

The ISEQ rose for the third straight day today, edging back above the 4,400 mark.

The index closed 32.74 points higher at 4,409.58.

European shares fell, resuming a downward slide seen for much of this month as the U.S. Federal Reserve kicked off a two-day meeting at which it may decide to scale back its equity-friendly stimulus programme. Oil services shares were among the top losers after a profit warning from French seismic surveyor CGG. CGG shares plummeted 16.9 percent in massive volumes, on track for their biggest one-day percentage drop in five years, also hitting rivals like Technip.

Davy said that the consolidation of the US containerboard sector in recent years appears to be having a positive impact. Previously, the industry reacted to slower demand by cutting prices in order to maintain operating rates. "This was detrimental to profits. Now, however, it appears that operators are sacrificing production in order to maintain pricing which is a far more sensible approach. If this discipline is maintained, it will have a positive long-term impact on industry returns which should be reflected in higher, more stable valuation levels." Smurfit Kappa shares rose 30c to E16.40.