ISEQ down but loss pared on Greek hopes
07/02/2012 at 18:40
The main Dublin shares index fell again today as Greece again dominated but the decline was eased amid optimism that a deal will be struck on a new austerity package that is essential for a new bailout.
The index fell 15.16 points to 3,124.10.
Investors kept a wary eye on Greece, where leaders need to secure a new bailout deal to avoid a messy default on its debts are caught between EU demands that they accept painful reforms to the economy and a national strike against such austerity.
Shares in United Drug Group UDG rose 9c to E2.03 after it said it has started the year well with revenues and profits ahead of last year. This growth has been generated outside Ireland nearly 70pc of Q1 profits
Tenth and Blake Beer Company, MillerCoors' craft-and-import division, has acquired Crispin Cider Company and its affiliate Fox Barrel Cider. No price was disclosed. According to MillerCoors, Crispin grew approximately 200pc in 2011, outpacing the overall cider category's 26pc growth during the same period, and is already the number-three producer of cider in the U.S. shares in Irish cider maker, C and C, fell 1c to E3.39
In 2011, the UK soft fruit category grew by 15pc in value terms according to the latest Kantar Worldpanel data. The soft fruit segment is valued at £786m following a year in which it grew by 15pc in value terms and by 12pc in volume. Much of the category growth has been driven by increased frequency of purchase and also by a longer soft fruit season. The core consumers still tend to be children and over-65s but there is some evidence that teenagers and young adults are consuming more soft fruits. Sales of blueberries and raspberries are believed to be outperforming the overall category. Shares in Total Produce were flat at E0.39
Shares in Irish-Swiss bakers, Aryzta, fell 30c to E35.80. Two private operators in the European sweet bakery sector, Hafner and Smilde Bakery, are in discussions that could lead to a strategic alliance that may involve cross selling into each other markets France for Hafner and Holland / Germany or Smilde. The alliance is also considering the possible acquisition of Deluice du Palais, a French sweet bakery good manufacturer. Aryzta is the largest player in the European par-baked sweet baked goods market, with a presence in France from the acquisition and expansion of Group Hubert. "In time, we would see Aryzta also being interested in bolt-on acquisitions in some parts of Europe, though we expect Northern Europe and the Iberian Peninsula would be higher priorities," said Goodbody's analyst, Liam Igoe
Glanbia fell 7c to E4.86. the food firm continues to attract media attention surrounding its plans to expand its Irish milk post the planned abolition of milk quotas in 2015. The company has indicated that it will not release its plans until around the middle of the year. "We believe that Glanbia is looking at a range of options to assist in the funding of as much as a 40pc rise in output, including JVs with neighbouring co-ops. Glanbia co-op itself obviously has a significant asset in Glanbia plc that it could use to part-fund its stake in any such development," said Goodbody's Mr Igoe.