Business Irish

Thursday 17 October 2019

Rush for shares, airlines sweating and data to digest

Greencore CEO Patrick Coveney.
Greencore CEO Patrick Coveney.
John Mulligan

John Mulligan

It will be relatively quiet this week as Christmas approaches. But the agenda isn't completely bare, with what is likely to be a last-minute rush by Greencore shareholders to take part in the company's rights issue.

Greencore, headed by chief executive Patrick Coveney, is raising more than €500m from shareholders to help fund the $749m (€716m) acquisition of US-based Peacock Foods.

Greencore shareholders have to have payment for the new shares submitted by Wednesday morning.

In other corporate news, Aer Lingus and Ryanair will this week hear whether or not they'll be liable for a €16m tax bill related to the Government's now suspended air travel tax.

A top adviser to the EU's Court of Justice said in July that the two carriers should repay what was classed as state-aid.

Ryanair would have to pay €12m and Aer Lingus €4m and the final judgment in the case is due on Wednesday.

There's some economic data out this week too.

Today, there are figures for European construction output, and also the German IFO business climate data.

The Markit services purchasing managers' index is also out in the United States.

Later in the week, data sets include the MBA mortgage applications numbers in the US.

Those figures will be out on Wednesday, when existing home sales numbers for November will also be released.

European consumer confidence figures will be published on Wednesday, and on Thursday the EU economic bulletin will be delivered by the European Central Bank.

In the United States, data for jobless claims and durable goods orders will also be released on Thursday.

Keenly watched on Friday will be the UK gross domestic product performance for the third quarter. Total business investment numbers for the UK will also be published.

They should both give an insight into the continuing impact of June's Brexit referendum.

Irish Independent

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