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ISEQ rides wave of Euro equities surge

Monday, February 17 17:38:18

The ISEQ rose again today in line with the rest of Europe's bourses as investors bet on the region's economic recovery.

The ISEQ was up 38.17 points to 4,968.05.

European shares climbed to a three-week high in thin volumes, extending a strong two-week rally fuelled by record inflows from an increasing number of investors betting on the region's economic recovery.

Data showing brisk lending in China, the world's biggest metals consumer, boosted miners, with BHP Billiton and Glencore Xstrata rising 1.2 percent and 1.8 percent respectively. The European mining index, was among the top sectoral gainers, up 1.1 percent, while Britain's commodity-heavy FTSE 100 rose 1 percent.

At home, shares in Kingspan edged up 6c to E14.03. Kingspan's 2013 results should, according to Davy, reveal another year of progress with momentum improving in the second half of the year. "The group is clearly in great shape. Kingspan scores highly under nearly every metric. The one exception is that, having gained over 50pc in the past year, the stock does not come cheap when measured by near-term multiples," the analyst said.

In its report on the regulation of Irish bank charges, the Department of Finance cites the lack of competition in the banking sector for the decision not to repeal Section 149 "at this point in time". "Irish banks have make good progress in rebuilding margins through re-pricing both deposits and loans, but other income lines remain more subdued. The review, which acknowledges that other income is low by European bank standards, represents a setback for the banks in their efforts to drive the other income line," said Davy. Bank of Ireland stocks rose 1c to E0.34.