AIB up 18c ahead of Tuesday's results
The ISEQ index of Irish shares was up 61.35 points on Monday to close at 5187.34.
Food group Glanbia was down 3c to €2.47 in Monday trading as the market digested news of its 100% sale of Glanbia Foods to a new joint-venture operation with the UK's Mill Link, Cheese Company Holdings (CCH).
The new company will be 75% owned by Milk Link and 25% by Glanbia.
The deal is conditional on approval by the Irish competition authorities and the Milk Link Member Council, who's decision is expected by the end of March.
Glanbia is to use the proceeds of this transaction to invest in growth opportunities in its core markets
Analysts have described the move as positive. They feel it will reduce its total debt from €249m to €130m and will increase Glanbia's potential to grow its nutrition business faster through acquisition as well as reducing its exposure to an essentially non-growth market.
The market was also gearing up for annual results year results by both Allied Irish Bank and the Kerry group tomorrow.
Shares in AIB were up 18c to €13.30 while Kerry remained static on €14.80
Irish Ferries has announced that 600 staff face temporary lay-off by the weekend.
The company is trying to implement a cost saving of €3.4m a year which includes 52 redundancies.
It has blamed an inter-union row between SIPTU and the Seaman's Union of Ireland for the delay to negotiations.
