Opening Bell: Markets weather Brussels disruption, Eir's rating boost, Cairn plans to raise €168.9m

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Global shares recovered yesterday after an initial shock due to the bombings in Brussels. 

Ryanair’s shares closed down 2.19% while Aer Lingus parent company IAG’s share price fell by 1.52%.

Dublin’s ISEQ was almost stagnant - closing down by 0.04%.

The FTSE registered a slight gain of 0.65%. 

Asian markets have remained cautious overnight, with the main indexes in Japan and China down by less than half of one percent.


Belfast and Dublin have been named the 6th and 7th most congested cities in Europe.

TomTom’s annual traffic index has found that traffic in these cities is worse than Paris, London and Rome. 

Dublin comes 15th in the worldwide ranking, with 85% of the time spent on journeys during peak morning commuting hours spent sitting in traffic.

Mexico City and Bangkok top the international ranking.


Eir - formerly Eircom - has received a boost as it seeks to raise €350 million to take out a high-interest bond.

Moody’s has upgraded the company’s rating from B3 to B2.

It added that it believes that Eir is in a "strong position" and that it can potentially move into the B1 category if its performance continues to improve.

This will make it cheaper for the company to borrowing money if it chooses to.

Eir’s outlook has improved as it has attracted more broadband and mobile customers, while also cutting costs.


Cairn Homes - the London-listed Irish building company - revealed yesterday that it intends to raise €168.9m in net proceeds by issuing 157.6 million new shares at €1.12.

This is subject to shareholder approval - an extraordinary general meeting is expected to take place no later than April 18th - with the new shares to begin trading on the following day.

The company has indicated that it intends to continue its shopping spree by buying sites currently valued at €203m across Ireland.