Good Afternoon ,
(And it is …
3 days of sunshine and a market which despite some jitters has shown some signs of stability and being able to absorb some shocks without panic this week.
Little corporate news in Ireland today but decent performance from the fianncials as there were stories about the ECB saying that they would support countries in trouble and obviously Ireland ranks high in the list of potential candidates. AIB +12% , bank of Ireland +22% and irish Life breaking confidently above the eurr1.00 level to close at 1.30 a massive +44% jump.
CRH traded steadily today ahead f it goin in to the Dow Jones Stozxx dividend index. , Kerry and DCC are also going into some indices this weekend and so have been technically well supported as index tracking funds bought their positions in the stocks.
Noteworthy movers elsewhere today were Aryzzta +3% in Dublin but up nearly 10% in the Swiss line. On the other hand and in contradiction Origin which Aryzta owns 70% of fell -9.6%. Fyffes jumped +5% and Smurfit Kappa also rallied +3.77%.
Ryanair which had been under pressure rallied +4.9% to eur3.00 but Aer Lingus slipped back to 59.2c
Friday 5pm , Wall Street is slightly down , the European markets have shed -1.8% , London is up 0.7% and Dublin , buoyed by CRH and Ryanair climbed +1.7%
In Europe the lading sectors this week were the Financials +13% , IT +3.5% , utiities +2.4% and the definsive consumer staples fell -2.3% and Healthcare fell -0.24% reflecting sector rotation into the now higher beta Financials.
The story of the week was the surpise move by the Fed on the quantitive easing front.
In Ireland , we look forward to The National Treasury Management Agency auction of two Irish Government bonds with a total value of between €750m and €1 billion next Tuesday. The two bonds are the 4% Treasury Bond 2011 and the 4.5% Treasury Bond 2020. Tthe NTMA plans to raise about €10 billion this year to help fund the State's budget deficit. All eyes will be on these auctions as a key test of the Government credibility in International markets.
In the meantime , the climax of the Six nations is tomorrow and Ireland has the chance to win the Grand Slam in Cardiff tomorrow. (I overhear a colleague saying that if Ireland wins the Grandslam it might trigger a recovery in the caltic tiger and pull us out of the recession ... Wishful thinking , a nice thought. Have a good weekend.
Liam
___________________________________________
Liam Boggan
Head of International Equities
Merrion Stockbrokers
www.merrion-capital.com
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