Markets: Irish stocks lifted by TVC rise
IRISH stocks managed to withstand European declines yesterday, buoyed by strong results from UTV shareholder TVC.
The ISEQ Overall Index rose 0.43pc or 19.16 points to 4491.53. TVC led the gainers, jumping 7pc to 68c after the investment company reported half-year pre-tax profits of €8m, in comparison with €3.4m a year before.
The holding firm benefited from a share price rise at UTV, in which it has an 18pc stake. UTV's stock has risen by about 16pc in the past three months alone. Goodbody Stockbrokers classed TVC as an 'Opportunity Stock', saying its undervaluation is not justified.
Permanent TSB and Bank of Ireland also rose, up 2pc to 4c and 2pc to 27c respectively after statistics suggested further recovery in mortgage lending.
The data, from the Irish Banking Federation, showed that the volume of mortgages drawn down grew by 13pc year on year in the July-September period. All categories of mortgage lending registered improvement.
Goodbody Stockbrokers said that while draw-down rates have still been disappointing overall this year, the data indicates lending can grow strongly in 2014.
Mining companies saw the biggest declines of the day, with Kenmare Resources, Ormonde Mining, Petroceltic and Aminex topping the leaderboard in terms of percentage losses.
In Europe stocks fell from a five-year high as investors weighed corporate earnings and China pledged to boost the role of markets in economic growth.
National benchmark indexes fell in 16 of the 18 western European markets. France's CAC 40 lost 0.6pc and Germany's DAX slid 0.3pc. The composite Stoxx Europe 600 Index fell 0.6pc to 321.68.
The UK's FTSE 100 slipped less than 0.1pc after a UK house-price index rose last month to the highest in more than a decade, a report from the Royal Institution of Chartered Surveyors showed.
Meanwhile, house-builder CRH, which moved its listing from the Irish Stock Exchange to London in 2011, jumped 3.7pc to £16.17 after reporting a 2pc gain in third-quarter revenues.