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ISEQ makes gains after Tuesday's rout

Wednesday, April 09 12:48:42

The ISEQ rose modestly this morning after yesterday's steep losses as investors sought out over-sold stocks.

By 12:30, the index was up 26.87 points to 5,013.65.

Irish and European stock indices fell yesterday: The Euro Stoxx 50 declined by 0.3pc and the S and P 500 rose by 0.4pc. Heightened tensions in Ukraine were attributed to a reduction in risk appetite.

Shares in Kerry Group rose 15c to E54.37. CHR Hansen, the Danish Ingredients company, reported H1 results for the period from September to the end of February this morning. Reported revenues were flat at E353m, however organic growth was +6pc (10pc in Q2) as growth was negatively affected by exchange rate effects. "CHR Hansen's Cultures and Enzymes division would have some overlap with Kerry's Functional Ingredients operations, which represents c.10pc of total Kerry Ingredient Sales. We forecast FY14 underlying sales growth of 5.2pc for Kerry Ingredients and 4.6pc for the group overall," said Goodbody Stockbrokers.

Shares in Smurfit Kappa Group (SKG) fell by 24c to E17.27. The latest FOEX data shows that European OCC prices declined by E0.57/tonne (<0.5pc) over the past week leaving the ytd figure up 1pc. "Following a $10-20/tonne decline in US OCC prices in March, which followed a weather driven increase of similar size in February, there may have been some fears that European OCC prices were under pressure, which has not come to pass. FOEX notes that although export demand is sluggish, European demand is quite good," Goodbody Stockbrokers said.