Straffan schmooze

IT WAS nice to see NCB Stockbrokers doing its bit this week to generate interest in the beleaguered Irish stock market, writes Ciaran Hancock.

The Seán Quinn-backed stockbroker chose the plush surroundings of the K Club in Straffan to schmooze about 38 heavyweight institutional investors from the United States and Europe, as well as local fund managers, at its annual investor jamboree.

Sadly, the inclement weather mitigated against a round of golf on the old Ryder Cup course. Investors though were given access to executives from 20 of our largest public companies, who no doubt told them that all was well with Ireland Inc, in spite of what they might read in the newspapers.

It must have been a hard sell, given the predominance of banks, airlines and property and construction-related stocks on the Irish market. These are three sectors decidedly out of favour at present.

The institutions, we understand, manage about €600 billion in European equities between them and are currently underweight in Irish equities.

The Irish market certainly needs all the help it can get. The Iseq has declined by more than 30 per cent over the past 12 months and was one of the worst-performing stock markets in the world last year.