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ISEQ manages to stay out of the red

Tuesday, February 04 17:37:28

The ISEQ fought back against morning losses to close marginally higher today despite pressure from European equities, hit by earnings disappointments.

The index closed 3.94 points higher at 4,666.93.

World shares slumped to a near four-month low today as signs the U.S. economy was stuttering compounded already frayed nerves following a sharp sell-off in emerging markets. A weaker-than-expected report on U.S. factory activity hurt global equity markets and the dollar yesterday and left investors scurrying for traditional safe-haven assets such the U.S. and German government bonds and the Japanese yen. It had been another torrid Asian session as traders returning from Lunar New Year holidays got up to pace with the sell-off and European markets looked in no mood to deviate from the downward course. New falls on all the major bourses saw the pan-European FTSEurofirst start down 0.5 percent, although it was looking almost rosy compared with MSCI's main emerging market index.

Green REIT confirmed on January 31st that together with its partners, it is the preferred bidder for NAMA's Central Park development in Dublin 18. The commercial office element of Central Park, Ireland's premier suburban business park, yields 7.3pc which rises to 7.8pc after rent-free periods. Multiple value creation opportunities exist in the 12.8pc of vacant commercial office space and consented office land-bank. Indeed, the yield across the developed commercial office element goes to 7.8pc once the vacancy is let. With E178.3m already invested, this acquisition, if completed, will complement Green REIT's existing portfolio and further position it to benefit from a rapidly recovering Irish commercial real estate market, according to Davy Research. Shares in the group fell 2c to E1.29.