Good Afternoon ,
Very quiet here on the eve of St. Patricks day.
Markets continue to be strong though no exactly on the highest volume. Big rallies in the financials with AIB +11/3% and Bank of Ireland screaming up by 30% to 36.5c , Irish life joined n the fun with a +8% move.
CRH whose rights issues wraps up over the next few days was up+4.8% and the rights traded strongly +11% at 7.01. The European builing material sector also was strong with St. Gobain +4.7% and Wolseley +8% , Kingspan has been very strong which is remarkable as it fell like a stone a coupel of weeks ago on no news which was very worrying and has rallied very strongly also on no news. SIG in the UK put out an announcement this morning ahead of its results tomorrow saying they were looking at all options including a rights issue to improve their funding.
It occurs to me that stocks are now back at the top end of their trading ranges , all below the resistance levels and it will be interesting to see if this time there is sustained rally which gets the charts looking more healthy or whether this rally too fizzles out.
International markets were positive today with the FTSE +2.7% , Europe +2.7% and Ireland +3.7% with the Dow Jones +1.75% today.
One of the weak stocks in Ireland was United Drug which continued to slip , today down -6.25% with 283k shares having traded.
In the Foods, C&C where there will be Neilsen data released tomorrow was +3.6% higher and Aryzta which struggled last week a bit better today recovering by 3.3% , Total Produce continues to look cheap though the announcement of the 4% stake taken by a Swedish group saw the stock drift to day by -2.7%
In the Airlines Aer Lingus saw decent volume trade but the stock stayed at 57c in Dublin though it traded up to 59.8c +4.8% in London . Ryanair was up a tad at 2.975c +1.4%
Have Good Evening, I am going out to eat an Indian (not a whole one , they are small….) to celebrate my wedding anniversary… 13 lucky years….
Tomorrow , The traditional St.Patricks Day parade with the kids…
Back Wednesday !
Liam
___________________________________________
Liam Boggan
Merrion Stockbrokers
www.merrion-capital.com
Disclaimer www.merrion-capital.com/disclaimer.html
Merrion Stockbrokers Limited (registration no. 307878)
is a limited liability company whose registered office is at
Block C, The Sweepstakes Centre, Ballsbridge, Dublin 4, Ireland.
No comments:
Post a Comment