Tuesday 20 March 2018

Pre-Bank Holiday gloom for Bank of Ireland with lender down 6.1pc

Bank of Ireland HQ, Baggot Street Lower, Dublin 2
Bank of Ireland HQ, Baggot Street Lower, Dublin 2

John Mulligan/Sean Duffy

The Iseq overall index of Irish shares closed down 0.25pc at 6860.70 yesterday, a fall of 17.24 points.

Malin, the stock market-listed med-tech investment firm co-founded and headed by former Elan boss Kelly Martin, is raising between €25m and €30m via a share placement.

The company said it's raising the additional funds in response to market demand. Malin has raised €380m to date. Last year, it secured a €70m debt facility from the European Investment Bank. It has invested in a range of companies both in Ireland and abroad.

Shares in the company rose just over 1pc on the back of the news.

The biggest loser on the Irish stock exchange on the final day's trading before the bank holiday was Bank of Ireland. The Irish lender lost 6.1pc after the company's capital level dropped because of an increasing deficit in its defined benefit pension scheme.

Financial services group IFG lost 2.9pc, while declines at Glanbia continued, with the Irish dairy producer falling in value by 1.8pc.

Donegal Investment Group was the biggest gainer of the day, with the company's stock rising by 5.3pc.

Building materials giant Kingspan was up by 2.1pc, while Ryanair also advanced by 2pc.

The US economy grew at its weakest pace in three years in the first quarter as consumer spending barely increased and businesses invested less on inventories, in a potential setback to President Donald Trump's promise to boost growth. Gross domestic product increased at a 0.7pc annual rate also as the government cut back on defence spending, the Commerce Department said. That was the weakest performance since the first quarter of 2014.

The economy grew at a 2.1pc pace in the fourth quarter. Economists had forecast GDP rising at a 1.2pc pace last quarter.

Irish Independent

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