Concerns over Middle East see Iseq join wider retreat

Iseq: 2,959.16 (-17.38) Settlement date:March 4th

THE ISEQ retreated with other European markets yesterday as macro concerns over unrest in the Middle East, and rising oil prices, unnerved investors.

The domestic reporting season continued with the release of full-year results for index heavyweight CRH. Brokers noted that the results held no surprises, having been well flagged in previous statements from the cement giant.

“If anything, the outlook was slightly more positive than the market was expecting,” one broker noted.

CRH was initially marked up to €17.15, a jump of more than 2 per cent. However, as markets began to sell off internationally, it slipped back to €16.31, leaving it almost 48 cent down on the day.

The stock had enjoyed a good run into its results, and brokers attributed yesterday’s slide to profit-taking.

Grafton pushed ahead by more than 3 per cent, or 12.5 cent, to €3.88in advance of its results on Thursday.

In the food and drink sector, cider manufacturer CC was strong initially, tipping €3.60 at one point in the session, before selling off towards the close. It finished just below €3.56, a fall of two cent. Aryzta and Kerry both notched up gains on the day, adding 55 cent and 20 cent respectively to close at €34.25 and €26.50. Glanbia found favour ahead of its results, which are due out today. The nutritional ingredients company was lifted more than 1 per cent, or about five cent, to €4.30.

So far the Irish reporting season has gone well, one Dublin broker said yesterday.

“Net-net, corporate Ireland is . . . in pretty good stead,” he said. However, equity markets are “not out of the woods” because of “big picture” concerns. Nervousness over US economic indicators due out later this week also weighed on markets, he said.