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ISEQ rises for second straight day

Thursday, April 10 12:50:54

The ISE rose for the second straight day today as global markets await the minutes of the last Fed meeting with analysts saying that it should help ease worries as to the central bank's intentions.

By 12:45, the ISEQ was up 28.11 points to 5,043.23.

European shares turned negative in choppy trade, with traders citing a big sale of Euro STOXX 50 futures while disappointing industrial output figures from Italy and France dented sentiment.

Press reports this morning highlight that the Minister for Finance is unlikely to renew the capital gains tax relief on properties that have been held for seven years in the upcoming budget. Shares in Green REIT rose 1c to E1.21.

Apogee (a peer of CRH's US Building Envelope business, represents 3pc of group EBITDA) reported Q4 (to end of February) earnings of $0.27 (+80pc yoy). This resulted in a FY14 outturn of $0.95 (+42pc yoy) which compares to consensus of $0.97 and company guidance given in the Q3 results of $0.95-$1.00. "This is a positive statement from Apogee, although it is already factored into consensus, and supports our forecasts for strong top-line growth for CRH's US Products business (17pc of group EBITDA). We are assuming lfl sales growth of 8pc, similar to what was achieved in FY13 (5pc H1 and 12pc H2)," said Goodbody Stockbrokers. Shares in CRH rose 25c to E21.46.