Good Afternoon ,
Another quiet day , newsflow is light in Ireland and the Europe today , with the news that will ot surprise anyone that Net Emigration from Ireland outweighed immigration for the first time since 1995. The question is who the hell are the 57000 brave souls who have taken the opportunity to move here at this point in the cycle. Optimists lets call them. For the record only 65000 people have left according to the CSO. I presume there is no real way to tell the numbers of Europeans who came and left over the past few years though.
Today was a story of markets rallying in Oreland after a weak and quiet day yesterday only to give up ground to close just above yesterdays closing levels. There was further weakness in the Construction stocks today with Grafton falling -4% at one stage. It has significantly underperformed Travis Perkins recently and looks close to oversold at these levels.
CRH gave up ground to close at 19.63 down -2.1% .Glanbia continued its rebound on very thin volume and Aer Lingus has crept up to 80c with the market looking ahead with a degree of expectation to the re-structuring announcement that is due in the next few weeks.
INM also rebounded despite the FT having an almost identical story as the Irish weekend press but the FT suggested a Eur100m rights issue and the same 46% level of dilution. The standstill agreement ends this Friday and it is more likely there will be an announcement before then.
Yes a quiet day… not much conviction in the rally but there again there was not much conviction in the sell off either , still continue to believe that this market will go higher.
Have a good evening ,
Liam
___________________________________________
Liam Boggan
Merrion Stockbrokers
Tel.: 353-1-2404171
Mob:353-87-2313505
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,
No comments:
Post a Comment