ISEQ down despite Jurys takeover news
Despite news of a takeover bid at Jurys Doyle group, raising their share price by 20c to €18.90, the Dublin stock exchange was still in the red after morning's trading.
The ISEQ was down 29.27 points to 6,756.7 by 11am.
A family consortium owning more than 40% of Jurys Doyle launched a €1.25bn takeover bid for the hotel group, it was announced today.
The bid prompted a flurry of trading as Jurys shares were the most active on the stock exchange this morning.
JDH Acquisitions, which represents members of the Doyle family, said it would pay €18.90 per share, a premium of 41.5% over Jurys’ closing share price on May 6, the day before takeover rumours first emerged.
Of the sparse number of other risers, Iaws was the largest with a 25c increase to € 12.15, while C&C saw their stock go up 14c to €5.40 after news yesterday that more people drank cider this summer, initiating a growth in sales and profits.
However, the negative results took over from there, illustrated by the financial sector which saw losses in all the banks.
Anglo Irish Bank, Bank of Ireland and Irish Life and Permanent all saw their share price fall five cents to €11.45, €12.95 and €15.10 respectively, while AIB had a bigger fall of 16c to stand at €17.59.
The construction sector reflected the general gloom also as MacInerney fell 12c to €8.73 and Kingspan decreased 10c to €10.10.
Elsewhere, pharmaceutical giant Elan could do nothing to stop the negative results as they fell 10c to €6.55 and insurance group FBD Holdings fell also, down 12c to €32.85.
