Philip O'Sullivan's Market Musings

Financial analysis from Dublin, Ireland

Market Musings 10/3/2012

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Just a quick update from me before I head to the airport on what’s caught my eye in the past 48 hours.

 

Bloomberg ran an interesting piece about the tactics brewing companies are utilising to grow sales in Africa.

 

In the financial space IFG said that it has received a preliminary approach for its International Corporate Trustee Services division, or in other words its businesses outside of the UK and Ireland.

 

In the commodity space, a fund I advise took profits in Dragon Oil yesterday. While I’m positive on the outlook for oil, my gut feeling was that the share price had run ahead of itself. We may well live to regret the timing of the sale, but as the saying goes, nobody ever went broke taking profits. My remaining energy sector plays are BP and PetroNeft.

 

(Disclaimer: I am a shareholder in Irish Continental Group plc) There was an intriguing development on ICG’s share register yesterday. 12.3% shareholder One51 transferred its shareholding from one wholly-owned subsidiary to another. As a totally unrelated aside, earlier this week I speculated that One51’s ICG stake could be offloaded this year.

 

Like I said, a quick update! I’ll be back in Ireland on the 18th and look forward to catching up on what’s been going on in the markets then.

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Written by Philip O'Sullivan

March 10, 2012 at 7:36 am

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