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Aryzta profit taking sinks ISEQ index

Tuesday, June 03 17:43:29

The ISEC dipped in to the red today as investors took profits on Aryzta stocks and as European shares stalled ahead of the next ECB meeting.

By the close, the index was down 3.27 points to 4,895.50.

European shares slipped in thin volumes and some benchmark indexes retreated from multi-year highs as investors held back from chasing stocks higher before Thursday's European Central Bank meeting. Expectations of fresh measures by the central bank to support the region's fragile economic recovery and avoid deflation were cemented on Tuesday after data showed euro zone inflation unexpectedly fell last month.

At home, shares in Aryzta dipped 40c to E67.80 after it reported significantly improved revenues for the third quarter, with sales growth lifted by its Food and Origin Enterprises businesses. The company backed its full year profit forecast. Group revenue climbed 16.7pc to 1.37 billion euros for the third quarter ended April 30. During the quarter, total Food revenue increased 14.9pc to 859.8 million euros, despite adverse currency movements.