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ISEQ resumes rally in morning trading

Thursday, April 24 12:53:07

The ISEQ resumed its rally this morning after yesterday's bout of profit taking.

By 12:45, the ISEQ was up 39.49 points to 4,987.58.

European shares resumed their rise, boosted by mergers and acquisitions activity and upbeat updates from electrical gear maker Schneider Electric and oil services group Technip among others.

Organic revenue growth in Heineken's Q1 results this morning was ahead of expectations at 3.4pc (2.9pc estimate). Growth was driven by higher volumes and pricing in Central and South America. Western Europe organic sales were up 1.8pc, driven by strong growth in several countries including Ireland. Volumes fell in the UK primarily due to poor weather conditions and the timing of Easter. "While the Easter effect should wash through over the course of the year, the fall in volumes for Heineken in the UK illustrates the difficult market conditions in the region currently. More encouraging is the positive volume growth the group achieved in Ireland. We forecast similar growth trends for C and C in FY13, -3pc volume declines in the cider UK division and +1pc in its RoI division. C and C is due to report FY14 results on May 15th," said Goodbody Stockbrokers. Shares in C and C rose half a cent to E4.39.

Data released by the Builders Merchants Federation (BMF) shows that momentum continued in the UK merchanting market in February with volumes +8.8pc yoy (+17.7pc in Jan, +16.8pc in Dec and +6.4pc Nov), reflecting favourable weather comparatives as well as the on-going recovery in construction markets. This trend is reflected in Travis Perkins' lfl sales figures for the year to date. Shares in Kingspan rose 4c to E13.14.