Tuesday 12 December 2017

Kerry caps a good day on Dublin's Iseq

A trader passes by a screen displaying the tickers symbols for Bristol-Myers Squibb and Intelsat, Ltd. on the floor at the New York Stock Exchange
A trader passes by a screen displaying the tickers symbols for Bristol-Myers Squibb and Intelsat, Ltd. on the floor at the New York Stock Exchange

Sean Duffy

The Iseq overall index of Irish shares closed up 1.19pc yesterday, rising 77.56 points to finish the day at 6626.95

The index was boosted by strong gains for Irish dairy giant Kerry Group, which posted gains of 3.8pc having revealed revenues in excess of €6bn in annual results released early on Tuesday. Kerry Group ceo Stan McCarthy also announced that he will be retiring from the company later this year and will be replaced by Edmond Scanlon.

Investors were not so enthusiastic for shares in property company Green Reit, its shares were down by 1.3pc despite the company recording a rise of 4.2pc in net asset value last year.

Construction company Abbey was the other big winner yesterday, with gains of 2.8pc. Building group CRH was also up by 2.4pc.

Shares in financial firm IFG posted the biggest losses of the day, down 3.7pc. Irish Continental also suffered loses on Tuesday, with shares back 1.7pc.

On European markets, the DAX was up by 1.2pc as investors reacted positively to data that showed business activity and manufacturing are performing strongly.

In France, the CAC was up half a percentage point, while London's FTSE lost 0.25pc.

Oil prices rose 2pc to near three-week highs after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher as it expects other producers join its efforts to curb a global glut.

"All countries involved remain resolute in the determination to achieve a higher level of conformity," said OPEC Secretary General Mohammad Barkindo said.

Barkindo said it was too early to say if the supply cut would need to be extended or deepened at an OPEC meeting in May.

Additional reporting by Reuters

Irish Independent

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