Business World

Saturday 23 August 2014

INM bucks the trend as ISEQ falls

Sarah McCabe

Published 14/03/2014 | 02:30

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The European Central Bank is to publish new guidelines
The European Central Bank is to publish new guidelines

IRISH stocks fell again yesterday, with the ISEQ Overall Index down 35.76 points, or 0.72pc, to 4967.72. The index has lost 3.5pc in the last five days as banks fell amid the publication of new guidelines on forthcoming asset quality reviews by the European Central Bank.

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INM saw the biggest percentage gains of the day, adding 15.5pc to 17.1 cent after publishing its 2013 results. The publisher of this newspaper said operating profits had held steady, despite a 6pc decline in revenue, and indicated relative growth in advertising spending, including a 12pc increase in digital advertising.

Housebuilder Abbey continued its upward trend, rising 2pc to €11.18, and dairy company Glanbia added 2pc to €11.42. Glanbia reported full-year results on Wednesday, which showed sales had risen by 10.5pc in 2013.

Permanent TSB saw the biggest losses, slipping 8pc to 12c. Oil and gas explorer Petroneft Resources followed, down 7pc to 6c, while the financial technology firm First Derivatives shed 6pc to €13.60.

In Europe, stocks fell, extending a one-month low. National benchmark indices retreated in all of the 18 western-European markets.

France's CAC 40 fell 1.1pc and Germany's DAX dropped 1.6pc, while the UK's FTSE 100 lost 0.9pc and the composite Stoxx Europe 600 Index lost 1pc to 324.82 at 4.30 pm in London after earlier gaining as much as 0.2pc. The European index has fallen 4pc from a six-year high reached on February 25.

In the UK, supermarket chain Morrison plunged the most in 11 years after forecasting a profit decline. Earnings may drop to as little as £325m (€390m) this year, the company said, as it posted a 13pc drop in underlying pre-tax profit for the year ended February 2.

In Germany, Lufthansa rallied 3.8pc after it resumed dividend payments and maintained a target of tripling operating profit within two years.

Irish Independent

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