Confidence is key to the return of market growth
Feargal Quinn, NUI senator
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CPL
Recruiters couldn't have had a worse 2009. CPL was somewhat oversold during the slump and has seen a doubling of their share price during 2009. There may be further consolidation in the sector also.
MERRION Pharma
It's always good to have some pharma exposure and Merrion have shown this again recently when they received a milestone payment concerning the trials of an oral drug.
WORLDSPREADS
If the markets show a good run in 2010 we might see the public decide that, having been hurt with direct shareholdings, Worldspreads offers a good alternative. A young company whose management have shown great foresight.
BANK OF IRELAND
If, and it's a big if, the bank can secure its equity capital requirements, I would hope that stability can be restored. Given the common perception that many non-Irish bank entrants are to depart and with the successful implementation of Nama and the sourcing of this equity, Bank of Ireland could be in a position to see a significant rise. (Or it could go the other way and be nationalised!)
ICG
ICG has prime slots in Dublin and Rosslare ports and has a market-leading position on the Irish Sea. The company has been reducing its operating costs significantly over the past few years and is highly operationally geared to any slight pick-up in economic activity.
C&C
The new management team has transformed the group. The purchase of Tennants and Gaymers has strengthened the group's product range and marketing reach. I expect double-digit earnings per annum over the next three years.
We are in danger of talking ourselves into a longer recession than it needs to be. I am impressed at the rate of household savings -- so we are not short of money. We are not happy to spend it because we are fearful of what's to come.
The same thing applies to the banks. I believe they are not lending because they are not receiving viable propositions. And the reason they are not receiving viable propositions is because consumers are not spending.
If we gain that confidence then the ISEQ could bounce back quite quickly.
ISEQ in December 2010: 4,500
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