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ISEQ resumes rally in line with markets

Tuesday, January 21 12:56:22

The ISEQ resumed its New Year rally this morning in line with a rise in equity indices across Europe.

By 12:45, the index was up 26.11 points to 4,852.36.

Britain's top shares edged higher, boosted by corporate results that revealed a return of strong demand in emerging market economies even as the consumption picture in Europe remained weak. Consumer goods firm Unilever rose 3.8 percent, the top FTSE gainer, after it unveiled better-than-expected 2013 results, helped by a rebound in emerging markets.

At home, shares in C and C rose 6c to E4.30. SABMiller reported Q3 results this morning for the period ended December 31. The group reported organic growth of 4pc driven mainly by strength in emerging markets. However, this was somewhat offset by continuing difficult trading conditions in Europe (-6pc lfl sales growth) and North America (+1pc). "The above represent two contrasting reports with SABMiller's results highlighting the continuing weak consumer environment in European markets, while the strong lfl's in Marston's indicates that the UK LAD market is stabilising. This is positive for C and C's UK Cider business which has struggled in FY14 to date, reporting c.-13.5pc volume declines in the 9 month period to Jan 16th," said Goodbody Stockbrokers.

Shares in Glanbia rose 4c to E11.07. PZ Cussons reported its interim results for the six months to November 30 this morning. Underlying revenue grew 6pc driven by strong performance in Africa and Europe. Of interest to Glanbia is the performance of its Nutricima JV with PZ Cussons in Nigeria. The statement indicated that the JV has seen strong revenue growth although this was somewhat offset by higher milk costs. "While the JV represents just c.1pc of overall group profits, Nutricima's strong performance offers a marginal positive for the group. Glanbia is due to report its FY13 preliminary results on March-12," said Goodbody's.