Friday 30 September 2016

Moody's upgrade boosts Dublin market

Published 17/05/2016 | 02:30

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)

Irish shares started the week on the up yesterday, as the upgrade of the sovereign by ratings agency Moody's filtered through to the wider market.

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By the close in Dublin the ISEQ Overall Index had added 0.6pc, or 36.40 points, to reach 6,158.87.

The yield on Irish Government bonds maturing in two years fell again to -0.387pc, while yields on 10-year debt dropped marginally to 0.787pc. In July 2011, the yield on similar bonds topped 13.49pc.

There was little in the way of companies news yesterday, but Independent News & Media rose 2.58pc to 16c after it bought the remaining share in classified website CarsIreland.ie it did not already own.

IRES Reit jumped 1.97pc to hit €1.14. The biggest private landlord in the country was met with overwhelming approval at its annual general meeting yesterday, and held a tour of its properties for investors.

Gambling giant PaddyPowerBetfair (PPB) gained 0.9pc to reach €113.85. A weekend report suggested UK regulators may force onerous rules on the pending merger between PPB peers Corals and Ladbrokes.

Banking shares were hit hard on the session. AIB fell 7.8pc, while Permanent TSB fell 3.6pc. Both firms have struggled since it became clear that the new Government was unlikely to sell any part of their stakes in the banks this year.

Elsewhere, European shares were mixed as oil explorers were boosted by an increase in prices. The Stoxx Europe 600 Index was flat, while in London the FTSE 100 added 0.2pc. Germany's Dax Index rose 0.9pc but the CAC 40 in Paris fell 0.2pc.

"The resources and oil sectors have been outperforming since the February low," said CMC Markets analyst Jasper Lawler.

Irish Independent

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