ISEQ looses out on DCC surge

The ISEQ-index failed to cash in on the surge in share prices at business support group DCC today.

The ISEQ was down 42.14 points at 9126.09 while DCC charged ahead 2.46 percentage points.

DCC announced that it is to raise its profits estimate for the year to the end of March 2008 on foot of news that it is close to completing the acquisition of a British-based oil distribution business.

In response shares at DCC shot up 57c trading at €23.73.

The company has reached conditional agreement to acquire CPL Petroleum Limited from CPL Industries Holdings Limited, one of the UK’s market leaders in solid fuel distribution.

CPL Petroleum supplies transport fuels and heating oils to commercial, industrial, domestic and agricultural customers throughout Britain.

It operates from 39 depots with a fleet of 200 road tankers and 481 employees. In the12 months to March 31, 2007 CPL Petroleum sold 831 million litres of oil.

DCC plans to integrate CPL Petroleum’s operations with DCC Energy’s existing oil distribution business in Britain.

Elsewhere on the trading floor this morning banks experienced mixed fortunes. Bank of Ireland and AIB were up 5 and 15c trading at €15.15 and €20.45 respectively.

IL&P made no changes while Anglo was the worst performer among the financial heavyweights shedding 9c off its share price at €14.73.

The biggest loser in this morning's trading was builder CRH, plunging 33c at €35.57.