The MSCI Asia
Pacific Index climbed 0.2% Tuesday.
Nikkei 225 fell 0.13%; China’s Shanghai Composite
Index declined 1.68%. South
Korea's Kospi index gained 0.40%. Australia's S&P/ASX 200 dipped 0.51% and the
Bombay Stock Exchange Sensex 30 index in Mumbai slid 0.52%.
India's government today downgraded its economic growth forecast for
the current fiscal year to below 7%, reflecting weakness in Asia's third-largest
The Indian economy is expected to grow by 6.9% in the year to March, below
the 7.25-7.75% range given by the government in its December forecast.
the Dow Jones Stoxx Europe 600 is down 0.32% in early trading Tuesday.
dipped by 1.08% in Dublin.
United Drug rose
Goodbody's Dónal O'Neill commented:"United Drug has released a positive and upbeat trading statement this
morning, indicating that most business divisions have performed ahead of
expectations as profit for the group came in ahead of the same period last year.
Continuing growth in the non-Irish operations has seen profit contribution from
these businesses increase to 70% from 65% previously, while cash generation has
also come in ahead of forecasts.
As expected the Healthcare Supply Chain (HSC) business has suffered due to
regulatory changes which are impacting the top line, especially in Ireland. The
market has declined by a further 3% in value during the period. Despite this,
and thanks to cost saving benefits accruing from restructuring last year,
divisional profits are only slightly down and ahead of forecasts due to
continued market share gains. Management noted that the Northern Irish wholesale
business is also ahead yoy. Similarly, contract wins in both the UK and Ireland
have led to a “significant” uplift in profit at its pre-wholesale operations,
while the Medical & Scientific business has seen profits come in “well ahead” of
last year, following several years of persistent declines as capital spending
has come under pressure due to ever tightening budgets.
Elsewhere, the Sales, Marketing & Medical (SMM) division has seen top and bottom
line come in ahead of last year, reporting further growth and improved
performance in both the UK and US contract sales businesses, while the marketing
divisions are seeing benefits from the integration of recent acquisitions. The
Packaging & Specialty (P&S) division has also delivered revenue and profit
growth ahead of the same period last year as the group is beginning to win
contracts in the US and Europe as it looks to leverage its strong relationships
with manufacturers in both markets. Management cited a major packaging contract
award which will contribute over €30m in revenue over the coming four years as
evidence of the success of this business.
In terms of outlook, the message is similarly upbeat with management expecting
diluted EPS growth of 4-8% at constant currency along with strong cash flow
generation to support organic and acquisition growth.
This is a very positive statement and confirms our view that United Drug is
turning a corner following 3-4 years of EPS declines. We believe the group will
continue to win market share in the HSC business, which will offset additional
top line pressures from potential cuts in reference pricing and the introduction
of generics. We remind investors that generics carry a higher margin and United
Drug will see margin improvement when they are introduced. We believe that the
business will see improving operating leverage as its benefits from increased
scale in all its businesses. Consequently we expect a significant improvement in
free cash flow for the current year on the back of higher operating earnings and
working capital improvements. The company’s guidance of 4-8% EPS growth could
see some minor upgrades to full year numbers as investors become more
comfortable with the outlook for the Irish wholesale operations. Maintain Buy."
Irish Share Prices
Irish Stock Market Capitalisation by Company
Key Index Performance Statistics
AIB Daily Report
Bank of Ireland Daily Report
The euro is
trading at $1.3126 and at £0.8306.
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.
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.
On Thursday, July 15, 2010, the index fell
for the 35th straight session, by 9 points, or 0.537%, to 1,700 points,
On Monday this week, the BDI
rose 1 point or 0.66% to 648 - -
a 25 year low but the first positive trading
session in more than a month.
Freighter Oversupply Weighs on Shipowners and
Banks - -
Jan 26, 2012: The New York Times says vessels bought during the global commodity
boom are only now being delivered, putting pressure on the European banks that
financed the purchases.
The skyscrapers and
immaculate beaches of Singapore's seaport look out on one of the world’s largest
parking lots: mile after mile of empty cargo ships, as far as the eye can see.
Similar fleets bob at anchor,
with empty cargo holds, off the coasts of southeast Malaysia and Hong Kong. And
dozens of newly built ships float empty near the giant shipyards of South Korea
and China, their owners from all over the world reluctant to accept delivery
during one of the worst markets ever for the global shipping industry.
As recently as six weeks ago
large freighters that can carry bulk commodities like iron ore or grain were
fetching charter rates of $15,000 a day. Now, brokers and owners say, the going
rate is $6,000 a day. If any customers can even be found.
Crude oil for February 2012 delivery is
currently trading on the
Chicago York Mercantile Exchange (CME/Nymex)
at $96.66 down 25 cents from Monday's close. In London, Brent for February
delivery is trading on the
International Commodities Exchange at
$115.94. The North
Sea benchmark accounts for two-thirds of the global market.
between the US benchmark WTI (West Texas Intermediate) used on the New York
Mercantile Exchange and Brent is over $19 - - The Globe and Mail says that for
the past 10 months, Canadian producers - - whose prices are tied to WTI - - have
been taking steep discounts for their oil compared with international crude
prices that are benchmarked against North Sea Brent, which can be shipped more
readily. In the past, WTI tended to trade at a small premium to Brent, because
it is easier to refine.
hit a peak of $28.08 (US) on Oct. 14, but has fallen dramatically since then.
After plans for more pipeline capacity at Cushing, Oklahoma, the differential
Gold spot price
price of an oz of gold is trading in New York at $1,722.70 up $2.80 from
Monday's close in New York.
Gold had hit
a record high of $1,921.05 a troy ounce on Sept 6.
out our new subscription service,
, at a low annual charge of €25 - - if
you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to
support the service.
It's a simple fact that in the prevailing economic climate, the provision of
high quality content cannot be sustained through advertising alone.
Business executives who put a premium on time and value high quality
information, should use our service.