Business Irish

Tuesday 12 December 2017

Boost for food giants Kerry and Glanbia

THE ISEQ closed at 4,407.48, up 19.11 points yesterday in line with major markets around the world. In Dublin, food ingredients producer Kerry was the most traded stock on the day, with shares up 11c to €48.73.

Fellow food giant Glanbia's shares were also up as it lined up a planned €370m acquisition in the US. Shares rose 10c to €11.20 on the close.

While a pension row at the ESB has been resolved, there are stirrings from SIPTU in relation to Aer Lingus and its pension pot, but shares inched up by the close yesterday, by 2c to €1.30.

On its second day of trading, new property fund Hibernia REIT saw shares slide back by 2c to €1.08 on close.

Investment titan George Sorus has emerged as a major backer of the fund, which floated last Friday.

Tipperary-based global engineering company Kentz's acquisition bid for US company Valerus saw its share price rise 9.11pc to £6.35 on the London Stock Exchange at the end of trading.

Stockmarkets rose globally yesterday, and in currencies the euro reached a six-week high against the dollar as positive figures on trade and inflation out of China boosted optimism about the world economy.

However, on US markets gains were curtailed by uncertainty about whether the Federal Reserve's plans to reduce bond buying this month following strong job data.

The US Federal Reserve will start reducing its massive bond-buying programme no later than March, with a handful of Wall Street firms expecting it to take action as early as December.

The benchmark 10-year US Treasury note was up 11/32, the yield at 2.8407pc.

The Nasdaq Composite Index rose 8.20 points to 4,070.72.

The Dow Jones industrial average was up 21 points at 16,041.20. Standard & Poor's 500 Index also rose, by 4.78 points, at 1,809.8.

The Dow Jones industrial average gained 21.00 points, or 0.13pc, at 16,041.20. The Standard & Poor's 500 Index was up 4.78 points, or 0.26pc, at 1,809.87.

European shares rose slightly, up 0.2pc, and Japan's Nikkei also climbed, by 2.3pc.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business