Iseq reverses trend amid lack of market direction

DUBLIN REPORT: Iseq: 2,906.35 (+6.55) Settlement date: November 23rdTHE ISEQ edged up towards the end of yesterday's session to finish marginally higher, reversing the downward trajectory of recent days. As with other European markets, traders in Dublin noted a lack of direction about the market as investors looked for signs of the state of the macro-economic climate.

Results from three corporates yesterday morning set the agenda for the day.

AIB’s interim management statement was seen by most traders as mixed, with higher loan impairment charges countered by forecasts of operating profit of €2 billion for the year, excluding bad debt charges. After dipping mid-morning, AIB’s share price closed 1.5 per cent higher at just under €1.78.

Glanbia ended the day 3.8 per cent lower after it said it expected earnings for 2009 to be at the lower end of the scale, as weak consumer sentiment drives competition in the market. It also announced further redundancies.

Having been under pressure for the last few days, healthcare services provider United Drug advanced 3.6 per cent on the day to close at €2.30, after the company said it expected its operating profit to rise about 5 per cent next year and be marginally ahead of this year. This is despite reporting a 5 per cent drop in profits for the year as a result of falling sterling.

Irish Life Permanent continued to slide following a disappointing interim management statement on Tuesday. Despite a late session rally, it finished just over 2 per cent lower at €3.73.

Kerry Group shed 1.5 per cent, or 31 cents, to end the session at €20.39 ahead of a trading update today.

Kenmare Resources’s confirmation in a trading statement of improved production performance at the group’s key Moma titanium mine pushed the shares ahead by over 6 per cent to 24 cents.