Iseq closes marginally higher

The ISEQ edged up towards the end of the session to end the day marginally higher, reversing the downward trajectory of recent days.

As with other European markets traders in Dublin noted a lack of direction about the market as investors looked for signs of the state of the macro-economic climate.

Results from three corporates this morning set the agenda for the day.

AIB's interim management statement was seen by most traders as mixed, as the financial group reported that loan impairment charges would be higher than previously expected, but that it expected to post operating profit of €2 billion for the year excluding bad debt charges. After dipping mid-morning, the bank's share price closed 1.5 per cent higher at just under €1.78.

Food conglomerate Glanbia ended the day 3.8 per cent lower after it said it expects earnings for 2009 to be at the lower end of the scale, as weak consumer sentiment drives competition in the market.

Having been under pressure for the last few days, healthcare services provider United Drug advanced 3.6 per cent on the day to close at €2.30, after the company said it expected its operating profit to rise about 5 per cent next year and be marginally ahead of this year, despite reporting a 5 per cent drop in profits for the year as a result of falling sterling. However, one analyst pointed out that the stock's gains was on low volumes.

Irish Life & Permanent continued to slide following a disappointing interim management statement on Tuesday. Having dipped below €3.50 at one stage, it regained some ground to finish just over 2 per cent lower at €3.73.

Kerry Group shed 1.5 per cent, or 31 cent, to end the session at €20.39 ahead of a trading update tomorrow.

In Europe, the main markets were down, as higher mining stocks failed to offset weak US macroeconomic data.

Britain's FTSE ended the day 0.1 per cent lower, Germany's DAX gained 0.2 per cent while France's CAC fell 0.02 per cent.

In the US markets were also lower following negative outlooks from major software makers and as a surprise drop in new home construction figures last month. At 7.30 GMT the Dow Jones was down 39 at 10,398 while the Nasdaq was down 17 at 2,187.