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ISEQ hit hard by flight to safety

Thursday, May 15 17:49:38

The ISEQ fell sharply today as investors at home and abroad abandoned equities in favour of safe haven bonds amid mixed U.S. and weak European economic figures.

At the close, the ISEQ was down 145.66 points to 4,669.44.

Investors flooded into safe-haven benchmark U.S. and German government bonds and fled equities worldwide following mixed U.S. and weak European economic figures. "Bonds are effectively acting as the parking place for capital until we see more consistency and a more compelling reason to put money to work in the (stock) market," said Peter Kenny, CEO of Clearpool Group in New York.

C and C shares fell 8c to E4.28. Marstons reported a better than expected 10.8pc rise in EPS today for the half year to 5th April. Underlying sales were up 4.5pc in the period and lfl sales were up 4.1pc in the past five weeks. Divisionally, its "Destination” premium pubs (356 in total) saw the strongest growth, with lfl sales up 5.7pc (4.1pc in the past five weeks), including wet lfl sales growth of 4.9pc. Its 1078 Tavern pubs saw lfl sales growth of 3.8pc in the six month period (3pc in past five weeks). Leased pubs (341 pubs) saw lfl profit growth of 3pc during the first six months of FY14.