Thursday 23 November 2017

Zamano shares down 20pc on ISE

Zamano specialises in text services and games
Zamano specialises in text services and games
Sarah Stack

Sarah Stack

SHARES at text message game provider Zamano plc fell ahead of the announcement of a new chief executive yesterday evening.

The internet and mobile technology firm was the most significant mover of the day, with its price dropping 20pc to 9.6 cent on the Irish Stock Exchange.

The company announced after the market closed that Ross Conlon, who has been with the Dublin company since 2007, will take over from outgoing chief executive Pat Landy who has been credited with turning the group around in recent years and re-structuring its bad debt.

Other laggers during the day were oil and gas exploration and production firm Aminex Plc, which recorded a 14.29pc fall to 1.8 cents, and the Permanent TSB group, down 5.38pc to 8.8 cent.

Overall Irish shares rose by 0.27pc - up almost 13 points - with the ISEQ closing at 4,839.22.

A significant mover was Irish exploration company PetroNeft Resource, which climbed by more than 14pc to 6.5 cent. The Dublin-based firm is active in Russia.

Shares in Merrion Pharmaceuticals rose by 11pc to 50 cent each, while Dragon Oil Plc recorded a 2.85pc increase to €7.40 each.

In the US bond prices slipped and the dollar rose on speculation the Federal Reserve will further pare its bond-buying stimulus at next week's policy meeting, while global stocks edged down led by US equities.

Gold prices also fell on the talk of more tapering by the Fed, registering the biggest decline since the start of January.

Meanwhile, the key Euribor lending rate held steady as banks began reducing their reliance on European Central Bank funding as they turn again to the market.

The ECB has pledged to intervene should the rise in bank-to-bank lending rates that underpin borrowing costs across the economy become "unwarranted".

The euro fell towards Monday's two-month troughs after the ZEW indicator of German economic sentiment for January unexpectedly fell to 61.7 after surging to 62.0 in December.

Irish Independent

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