Tuesday, March 25 12:44:01
The ISEQ bounced back from yesterday's sell-off as talk of a stimulus to China's economy gained traction.
By 12:30, the index was up 38.16 points to 4,888.69.
European stocks bounced back, led by miners on speculation that recent disappointing Chinese data might prompt Beijing to launch fresh stimulus to maintain the pace of economic growth. Encouraging updates from companies such as Europe's largest home improvements retailer Kingfisher and British budget airline easyJet also bolstered market sentiment.
Shares in Ryanair rose 15c to E7.57 while Aer Lingus dipped 2c to E1.63.
Shares in Datalex jumped '12c to E1.42 after it today posted a 26pc rise in core profits (adjusted EBITDA) to USD7.5m and said it will propose the payment of its first ever dividend to shareholders. In its full year 2013, the company recorded revenue that rose 18pc to US$38.1m and Transaction revenue that rose 19pc to US$17.5m while net profits climbed 43pc to USD1.6m and earnings per share rose 41pc to 2.4 cent. Aidan Brogan, CEO of Datalex plc said: "2013 has been a year of performance and growth in our business, as we continue to achieve double digit percentage growth in Adjusted EBITDA, revenue and cash. We have signed significant new contracts with leading airline brands, such as JetBlue and Virgin Atlantic which secure transaction revenue growth in the medium term. As a strong statement of confidence in the company's growth prospects, I am also pleased to report that the Board has proposed the payment of the first dividend in the company's history."
Glanbia shares rose 3c to E10.93. Globally, cheese prices have been moving higher even as other prices retreat from their recent highs. Very strong US cheese exports over recent months have reduced domestic inventories and pushed up the price, assisting cheese manufacturers to cope with high milk prices; there is no windfall gain for manufacturers in the current situation, Davy said.