ISEQ index follows big guns into red

The ISEQ-index of Irish shares shows no sign of recovering this morning as market stalwarts find themselves floundering in the red.

One of the markets big guns, business support services group, DCC has shed 26c from its share price to stand at €15.24 despite news of a recent takeover.

DCC acquired Southern Counties Fuels Holdings Limited (SCFH), a long-established oil distribution business operating in the south east of England, for €9.75m.

The company has spent €95m on the acquisition of oil distribution companies in Britain in the current financial year ending March 31 2008, including CPL Petroleum announced in July 2007, SCFH and a number of smaller businesses.

Elsewhere, food group Kerry also watched in dismay as 77c was shorn off its share price making it the biggest loser on the trading floor this morning at €18.80.