DCC profit news boosts ISEQ

A healthy profits report published this morning by IT service support group DCC has helped the ISEQ lift its head above water this morning.

A healthy profits report published this morning by business support services group DCC has helped the ISEQ lift its head above water this morning.

The Irish market climbed 18.27 points to 7146.96 as the DCC news inspired some activity among traders.

DCC reported a 17.6% increase in operating profits of €51.6m for the six months to the end of September.

Revenues for the six months rose by 25% to €2.258bn.

The company also released a statement outlining a conditional agreement to acquire Banque Magnetique SAS, a Paris-based French distributor of consumer electronic products and IT peripherals to the French retail market.

The business is being sold by Fayrewood and the acquisition is subject, inter alia, to clearance from the French competition authorities.

The agreed cash cost of the acquisition will be €38.1m, made up of consideration of €12.5m and net debt of €25.6m.

Elsewhere AIB received a boost with a 32c share price jump to €15.12. However the bank was the only institution on the financial front to make gains this morning.

Anglo saw shares dip losing 22c at €9.98. Bank of Ireland and IL&P both lose out 3c at €10.30 and €14.17 respectively.