Iseq lower despite positive results from Fyffes

Iseq: 1,893.86 (-22.52) at 2.00pm: The Iseq index stayed in negative territory today despite postive results from Fyffes.

Iseq: 1,893.86 (-22.52) at 2.00pm:The Iseq index stayed in negative territory today despite postive results from Fyffes.

The fruit distributer said that annual profit for 2008 was "slightly" ahead of its target and analysts estimates.

Total turnover for the year amounted to €758.2 million, a 7 per cent rise on the €708.9 million reported for 2007 while group revenue was €606.7 million, up 9.6 per cent on the previous year.

Earnings before interest and tax for fiscal 2008 was €15.3 million, compared to €17.4 million for 2007.

Shares in the group were up 1c to 17c.

In the banking sector, AIB shares rose 2c to 38c while Bank of Ireland was up 1c while Irish Life & Permanent was flat at 71c.

Among construction stocks, CRH was down 28c to €12.94 while Grafton was up 1c at E1.40.

Elsewhere, Aer Lingus shares rose 1c to 78c while Ryanair, which today announced it was to offer a web-only check-in service from October, was down 1c at €2.87

The FTSE-100 index at 1:45pm was up 70.70 at 3613.10.

European shares were higher at midday today, with banking stocks taking the lead ahead of a US hearing on market-to-market accounting rules tentatively scheduled for Thursday and a positive Citigroup memo. By 11.37
GMT the pan-European FTSEurofirst 300 index of top shares was up 1.3 per cent at 666.11 points, gaining ground for the first time in four sessions.

Charlie Taylor

Charlie Taylor

Charlie Taylor is a former Irish Times business journalist