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ISEQ closes the week slightly lower

Friday, May 30 17:40:01

The ISEQ closed the week slightly lower today in line with global markets following major gains yesterday.

At the close, the index was down 12.85 points to 4,898.77.

Hibernia REIT announced yesterday that it is acquiring the Hanover building in windmill lane in Dublin 2 for E20.16m and an adjoining 1 acre development site (The Windmill Lane Site) for E7.5m in separate off market transactions. Shares in the group were flat a t E1.05.

ARYZTA will release its Q3 trading update next Tuesday, 3 June. Goodbody expect that its Q3 food sales will have shown an improvement in the lfl sales, increasing to over 2.5pc compared with +0.4pc in Q2 and -0.4pc in Q313. "The key factors behind this will be an increase in Food North America, which declined by -2.1pc in Q2. This mainly reflected the ongoing impact of the exit from DSD channels which should no longer feature in its results. In addition, the ATI programme will start to positively impact lfl sales in the coming quarters. The update may also provide some update on the integration of newly acquired Pineridge Bakery in Canada and Cloverhill Bakery in the US, which were acquired for a combined cost of E730m on sales of E400m," the broker said. Aryzta shares rose 185c to E68.20.