Good Afternoon,
Well the day finally arrived and the Bank of Ireland Capital raising details were announced. What was surprising was the absolute lack of any real surprises. All the details had been effectively leaked in advance and the details which were missing were just the pricing and the conversion details. All of which were very favourable to shareholders. The State obviously happy to offer favourable terms as the state will be the largest shareholder at 36% after the capital raising. The first stage of the process , the firm placing of eur500m at 1.53 took place today and once books closed at midday the price pushed ahead to close +5% on the day. Decent demand for this segment augurs well for decent interest in the market for the nil paids when the rights issue itself kicks off on May 17th.
The positive sentiment towards Bank of Ireland was also reflected in the performance of AIB which was up +4.3% for the day.
The markets were dominated by news and fears about
International markets all had a good day with average performances in the range of +1% though the DOW is only up +0.5% at 4.45pm
The construction stocks continued to build on their rally with CRH closing at eur22 , its highest level since June 2008 ….
INM also sneaking higher +4.3% today and Smurfit rallied +2%,
Have a good evening ,
Liam
___________________________________________
Liam Boggan
Merrion Stockbrokers
Tel.: 353-1-2404171
Mob:353-87-2313505
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Merrion Stockbrokers Limited (registration no. 307878) is a limited liability company whose registered office is at Block C, The Sweepstakes Centre, Ballsbridge,
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