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ISEQ closes a tough week on a low

Friday, May 16 17:40:35

The ISEQ continued its losing streak today, falling for the fifth straight day as investors around the world became more risk averse and shied away from equities on Europe's periphery.

The index was down 15.35 points to 4,654.09.

European stock markets fell, retreating further from multi-year highs reached earlier in the week, as the Portuguese market underperformed for a second day on concerns over its economy. The pan-European FTSEurofirst 300 index was down by 0.3 percent at 1,353.78 points in mid-session trading, falling back from 6-year highs reached on Thursday, while the euro zone's Euro STOXX 50 index fell 0.5 percent.

REITS were in the news this morning. Dublin listed property investor, Hibernia REIT today said it has bought Montague House and Hardwicke House in Dublin 2. It bought the properties from Hardwicke Group in a partially deferred transaction valuing the buildings at E60m or E692 per sq. ft. Its shares rose 1c to E1.05.

Meanwhile, Green REIT today said that it is now actively searching for targets as the market moves in to recovery mode. Green REIT's total portfolio now comprises 16 investment properties, with total capital invested to date of E335 million, funded by E260.4 million of equity and E74.6 million of debt financing. This capital has been invested at an initial yield of 7.9pc and represents significant progress towards the Company's stated objective to assemble a portfolio of prime and good quality commercial property assets which require active asset management and which will deliver targeted shareholder returns. Green REIT's shares rose 2c to E1.25.

The Central Bank has published a detailed statement fining FBD E0.49m for breaches of the 2006 Consumer Protection Code. The fine relates to 6 breaches ranging between 2006 and 2011. Upon discovery of the breaches a number of years ago, Goodbody Stockbrokers say they understand that FBD ordered KPMG to undertake an investigation of the company's processes in relation to its compliance with the consumer protection code. FBD reported the breaches to the Central Bank. In addition to the findings from the independent third party report, the Central Bank then undertook its own inspection. The Central Bank indicates the firm took prompt action to rectify the measures, which will have been reflected in the cost base since 2012. FBD's shares fell 10c to E17.00.