Good Afternoon ,
Another strong day from Ireland today the process were strong today but reflecting a catchup as the Irish market trading on Xetra was closed yesterday, the Banks were strong , Bank of Ireland particularly strong today +21% dragging AIB +8% and Irish life +9% along with it.
The building materials sector continued to be very strong today also with CRH being very strong earlier + 6% at the peak before closing 2% higher on Thursdays close.
Vulcan materials had a bad earnings miss last night but were more sanguine about the second half of the year. Martin Marietta had results before the US open today and again while they missed earnings teir guidance for the year was unequivocally bullish. Martin Marietta 2009 guidance of net earnings per diluted share, excluding the effect of the economic stimulus plan, is in the range of $3.70 to $4.15. Martin Marietta expect incremental aggregates volume of 8 million to 10 million tons and net earnings per diluted share of $0.50 to $0.75 for 2009 from the economic stimulus plan. Martin Marietta expect to be able to update guidance for the year as the company gains further clarity about the impact of the economic stimulus plan. "Specifically, we see aggregates volumes to range from down 9% to 12%, excluding the effect of the economic stimulus plan. The rate of price increase for the aggregates product line is expected to be in a range from 4% to 6%. Our Specialty Products segment is expected to contribute $30 million to $32 million in
pretax earnings compared with $28 million in 2008," The fine tuning of
their previous guidance coupled with being explicit about the incremental benefits they anticipate from the stimulus plan is one of the most positive statements I have seen from any company thus far as we look for signs of a turnaround in the USA.
Elan was subject to speculation about a bid from Lundbeck, We don't really believe that Lundbeck will bid (Famous last words) but there definitely seems to be some news imminent and the market is anticipating this will be positive. Elan shareholders are awaiting news of a strategic review so any number of options could be on the table.
The Airlines were quiet today with Ryanair +2% and Aer Lingus +1.6% ,
CRH AGM tomorrow will be interesting as well as results from Lafarge and Holcim.
Have a good evening
Liam
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