Wednesday 28 June 2017

Agri-food sector leads ISEQ index gains for the week

Donal O'Donovan

Donal O'Donovan

Irish shares closed the week more or less unchanged in spite of the dramatic spike in the cost of government debt and the announcement of the latest plans for Anglo Irish Bank.

The ISEQ index of Irish shares closed at 2780.60 yesterday, unchanged on the day and down only slightly on the 2799.90 close the previous week. The biggest Irish gainer yesterday was Donegal Creameries, up 11.94pc on the day at €3.75 per share, on the back of robust half-year results. Donegal announced a nearly 5pc rise in revenues for the first half of 2010, with operating profits up from €400,000 to €1.4m. Donegal shares ended the week some 25pc higher.

IAWS spin-off Origin Enterprises shares closed up 7.57pc at €2.70 each yesterday as the market welcomed a deal to roll its branded consumer foods business into a new joint venture with private equity firm CapVest. Origin will receive €26m in cash as part of its consideration for the deal, as well as a 45pc stake in the business to which it is extending a €35m vendor loan.

Shares in Petroceltic were up 9.62pc yesterday, though at 14c per share small price moves show as dramatic swings for the Irish oil and gas exploration business, which is active in Algeria, Italy and Tunisia.

Irish oil company Tullow Oil was among the big losers yesterday with shares in the London-listed group down 2.3pc to 1,234p. It came after a report in Uganda's 'Daily Monitor' newspaper said an oil exploration licence had been withdrawn by the Ugandan government.

Tullow shares fell against a generally flat UK market. At 5,501.64 the FTSE 100 index of shares in the biggest UK listed companies was just one-tenth of 1pc higher at yesterday's close.

Also in the UK, property website Rightmove was among the big gainers yesterday. Rightmove shares were up 4.6pc to reach a record for the company of 740p.

At the European level the Stoxx Europe 600 Index was up 1.7pc on the week to 264.7.

Shares in Nokia were up 2.05pc yesterday at €9.96 per share as the equity market welcomed the appointment of Stephen Elop as CEO -- replacing Olli-Pekka Kallasvuo at the helm. Elop takes over the running of the world's biggest mobile phone producer after running Microsoft's business unit. He joins as rivals, including Apple, increasingly dominate the premium mobile phone market.

Irish Independent

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