eirmoney | ISEQ and Company Update, 29-Jan-2010

ISEQ and Company Update, 29-Jan-2010

Posted by Senan Coleman | 29 January 2010

ISEQ Week Open: 3035.71, Week Close: 2951.06

Kenmare Resources - Moma Update

During the fourth quarter of 2009, production of heavy mineral concentrate at the Company’s Moma Titanium Minerals Mine increased by 22%.
The current market outlook is for a continued rebound in pigment demand in 2010 that is expected to lead to strong demand for titanium minerals, principally driven by increased demand from China and other developing countries. Demand for zircon is also expected to rebound strongly in 2010 led by growth in China and a recovery in Europe. Kenmare’s supply and demand analysis and that of other titanium industry analysts indicate that the industry will experience strong demand growth over the next five years.
Source: http://www.kenmareresources.com/news/press/2010/26_01.asp

Tullow Oil

Tullow signs Sale and Purchase Agreement to buy Heritage Ugandan interests.
Source: http://www.tullowoil.com/tlw/ir/newsevents/rns/rnsitem?id=1264512688nRSZ1442Ga

McInerney Holdings

In 2009, total private and contracting residential completions for the Group in Ireland, UK and Spain were 756 [2008: 1,359 units]. Total housing deposits (excluding Part V social units in Ireland) on hand as at 31 December 2009 were 374 [2008: 509].
Total completions in the UK were 582 units in 2009 [2008: 750]. At year end, there were 330 deposits on hand [2008: 459].
In Ireland, private house completions were 131 in 2009 [2008: 296]. Entering 2010, there are 42 private deposits on hand.
The Irish contracting business completed 31 housing units in 2009 [2008: 306].
The Group continued to experience challenging trading conditions in the UK and Irish housing markets as weak consumer sentiment and lack of access to mortgage availability constrained demand.
The Irish market for standard housing product has found a certain degree of price stability since late 2009, albeit the level of demand remains very low. Mortgage constraints persist as evidenced by a significant number of potential house purchases not being completed by year end due to lack of mortgage availability. There is modest upward pressure on house prices in the UK but this is slow to filter through to the Group's geographic regions. Overall, both markets remain uncertain.
Source: http://www.mcinerneyholdings.eu/investors/news_events/financial_news/trading_update_2009/

Smurfit Kappa

Confirms that negotiations are progressing concerning a transaction that would involve SKG acquiring Mondi Group’s corrugated operations in the United Kingdom and Mondi Group acquiring SKG’s European sack converting operations.
Source: http://www.smurfitkappa.ie/DropdownMenu/Newsroom/Press+releases/SKG+to+acquire+Mondi+assets.htm