CRH, which accounts for 23% of the market capitalisation of the Irish Stock Exchange, is to move its primary listing to London.
Elan the drugs firm, said last month that it will move its primary listing to New York. Overseas residents hold at least 90% of the shares in both companies.
CRH said that in recent years, as the international operations and profile of
CRH plc have grown, the proportion of the group's shares held by overseas
investors has increased significantly. In addition the majority of trading in CRH’s Ordinary shares now takes place on the London Stock Exchange (LSE) with
trading of CRH on other London based platforms also increasing.
There is no denying the fact that it diminishes the already tiny Irish Stock Exchange.
CRH also issued a trading statement this morning,
Robert Eason of Goodbody, says
"CRH has released an IMS a week ahead of schedule, in which it has guided that
FY EBITDA will be approximately €1.6bn (broadly flat yoy). This compares to our
forecast of over €1.7bn and implies a circa 5% decline in the second half
(forecast of +4%) versus a 10% increase in the first half. At a PBT level,
guidance is for an increase of €20-50m on last year’s level of €658m versus our
forecast of €747m (5-9% behind).
DCC reported today that operating profit for the six months to the end of September was hit by the very mild weather in April and May, which hit the performance of its largest divison, DCC Energy.
Operating profits for the six month period fell by 14.2% to €58.3m, while pre-tax profits dipped 17.3% to €50m. Revenues rose by 10.8% to €4.395bn.
David O'Brien of Goodbody comments: "DCC has reported H112 (to September end) results this
morning. Operating profits decreased by 14% yoy to €58.3m (-11% on a constant
currency basis), below our forecasts of €64.7m. Adjusted earnings of 47c compare
to our forecast for 52c.
Management expects strong operating profit growth for the full year, reflecting both acquisitive and organic growth. On an aggregated basis, the remaining businesses generated operating profits of €24.4m (+4% yoy), ahead of our estimate of €23.2m. Healthcare was broadly in-line with forecasts, while Food & Beverage and Environmental came in ahead of expectations. However, Food & Beverage will be affected by the loss of a contract in the logistics business in the full year.Management has guided for a 7.5% decline in full year operating profits and eps on a reported basis, compared to expectations for a mid-single digit decline, previously. On first glance and ahead of meeting management, we envisage pulling back our FY12 operating profit forecast by 2% to €214m (-7% yoy). While a downgrade is never ideal, we recognise that the weakness is driven predominantly by one-off’s (weather affects and loss of a contract in Food) and as such, does not damage the investment thesis. Therefore, we maintain our BUY recommendation."
UK taxman’s new project team turns base metals into gold - - Hard on the heels of last week’s HMRC (Revenue & Customs) announcement of a new 200-strong ‘affluent team’ of specialist tax inspectors is a promise of a new sector specific taskforces aimed at scrap metal dealers, the construction industry and landlords.
Starting in Scotland, Inspectors will seek to tackle tax evasion by checking in intensive bursts of compliance activity whether such traders are deliberately hiding income or boosting expenditure. The checks on landlords will start in the North West and North Wales, while the construction industry across the UK will be scrutinised.
Mike Down, Tax Investigations Partner at accountants Baker Tilly said: “This teamwork approach is becoming increasingly widespread and HMRC now seems to be in full flow in coming up with new team-based initiatives.”
As well as the ‘Managing Deliberate Defaulters’ programme, under which expert groups robustly scrutinise and follow up on the returns and records of previous tax evaders, new teams this year include other taskforces looking at restaurants and fast food outlets and the Offshore Co-ordination Unit, which has started a project to investigate 6,000 UK holders of Swiss bank accounts.
Mindful of the need to deploy its expert investigation resource cost-effectively, HMRC hopes those with tax issues will come forward voluntarily. Down continues:
“HMRC wants people to ‘walk-in with their tax disclosures. They will be more lenient on those who own up. However tax defaulters caught out by the new teams can expect to suffer the full force of HMRC’s new powers and penalties regime, including the threat of being publicly “named and shamed.”
Italy's debt fears take centre stage:
Economic View 1: Yields increase for the EFSF; Juliet Tennent, accountant at Goodbody, comments -- "Yesterday, the EFSF revived the €3bn bond issue that it postponed last week amidst the uncertainty caused by the Greek political debacle. The bonds, with a 2022 maturity, priced at almost 90bps more than the last bond of a similar maturity that was issued back in June.
EU Finance ministers are currently holding
meetings to thrash out the manner in which the EFSF will be leveraged and the
uncertainty surrounding the future shape of the facility is no doubt weighing on
the minds of investors. In addition, the threat to the AAA rating of France, on
which the EFSF’s rating also depends, has seen yields rise recently for both.
Economic View 2: Consumer weakness
persists in the UK; Juliet Tennent added - - "Data from the UK this morning continued to paint a negative
picture of the consumer, with the BRC showing that following a flattish outcome
for the three months to September, the value of like-for-like sales fell by 0.6%
in October, weaker than the -0.2% expected. In addition, as inflation is running
at 5.2% yoy this shows that sales volumes continue to contract.
Irish Financials: 67 % of Lloyds Irish
loan book now impaired; Colm Foley of Goodbody
comments -- "Lloyds has released a Q3 IMS this
morning reporting a profit before tax of £1,748m for the first 9 months of the
year, compared to £2,488m for the same period last year. However we are more
interested in the commentary on the Irish business.
In New York Monday, the Dow added 85 points or 0.71% to 12,068.
The S&P 500 gained 0.63% and the Nasdaq rose 0.34%.
The MSCI Asia Pacific dipped 0.8% Tuesday.
Japan's Nikkei 225 fell 1.27%; China's Shanghai Composite slid 0.24%; Australia's S&P/ASX 200 added 0.48% and the Bombay Stock Exchange Sensex 30 index in Mumbai fell 0.26%. South Korea's Kospi dipped 0.93%.
In Europe, the Dow Jones Stoxx Europe 600 is up 0.78% in early trading Tuesday.
The ISEQ has risen 0.31% in Dublin.
CRH is up 1.20% and DCC is down 1.69%.
The euro is trading at $1.3746 and at £0.8566.
For live currency updates, check the right-hand column of the Finfacts home page.
The US dollar fell to $1.6038 per euro on Tuesday, July 15, 2008 - an-all time record.
The Baltic Dry Index, a measure of shipping costs for dry commodities, hit an all-time High of 11,771 on the 21st of May, 2008. From that time it reversed and on the 5th of December, 2008 it hit a low of 663 - - close to a 1986 low.
The BDI closed at 3,005 on Thursday, Dec 31st - - a rise of 289% in 2009. The index averaged 59% lower in 2009 than a year earlier.
On Thursday, July 15, 2010, the index fell for the 35th straight session, by 9 points, or 0.537%, to 1,700 points, Bloomberg report.
On Monday this week, the BDI fell 18 points or 1.00% to 1,766.
Crude oil for November 2011 delivery is currently trading on the Chicago York Mercantile Exchange (CME/Nymex) at $95.61 up 9 cents from Monday's close. In London, Brent for November delivery is trading on the International Commodities Exchange at $114.66. The North Sea benchmark accounts for two-thirds of the global market.
The margin between the US benchmark WTI (West Texas Intermediate) used on the New York Mercantile Exchange and Brent is at $19.
The spot price of an oz of gold is trading in New York is at $1,789.00 per oz, down $6.60 from Monday's close in New York.
Gold had hit a record high of $1,921.05 a troy ounce on Sept 6.
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