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ISEQ slips as ECB hold rates steady

Thursday, April 03 12:55:31

The ISEQ slipped in to the red this morning as investors took profits and as the ECB held its rates steady despite worryingly low inflation.

By 12:30, the index was down 21.56 points to 5,059.42.

The European Central Bank left its main interest rate unchanged at a record low of 0.25 percent despite a sharp slowdown in inflation in the euro zone. The decision to leave rates unchanged was expected, though a very small minority of economists polled by Reuters had expected a cut. The ECB also left unchanged the rate it pays on bank overnight deposits at 0.0 percent, and held its marginal lending facility - or emergency borrowing rate - at 0.75 percent.

Shares in Aryzta fell 80c to E63.70. It said today that it has completed its acquisition of Pineridge Bakery in Canada following the receipt of all necessary regulatory clearances. The E730m deal to buy Pineridge and a US food company called Cloverhill Bakery was announced by Aryzta last month. In February of last year, Aryzta acquired Klemme, a German bakery enterprise with annual revenues of some E229m.

Hibernia REIT's shares dipped 1c to E1.03 after it said it has exchanged contracts to acquire the Gateway site, Newlands Cross, Naas Road, Dublin 22 for E10m. The property had previously been sold by an Post in 2006 for E107m. The property comprises an industrial/logistics facility with, the company said, potential for significant intensification. The property comprises 178,000 sq. ft. of warehouse accommodation and occupies a prime 14 acre site with excellent frontage onto the Naas Road and is within close proximity to the M50 motorway and to Dublin's light rail system.