Promise of Anglo IOU deal keeps rally alive – just

THE Dublin index’s rally stayed alive yesterday – just – helped by renewed optimism on the world stage and by prospects of a deal at home on Anglo’s promissory notes.

British housebuilder Bellway has high hopes for a government scheme to help first-time buyers, it said yesterday, as it posted a jump in first-half profit driven by its focus on family homes in the more prosperous south of Britain. The Newbuy scheme l ets l enders provide 95 per cent mortgages on new-build properties worth up to £500,000 (€600,000) with guarantees from the state and developers. Shares in Abbey were flat at €5.80, while Kingspan was up 3c at €7.97.

CRH’S shares fell 7c to €15.69. Moves by Republicans in the U.S. Congress to extend the current highway programme, which expires on March 31, were blocked by Democrats on Monday. Theoretically, this means federal highway funding could be cut off at the end of this week unless a solution can be found. However, it is expected that the rival parties will strike a deal.

PZ Cussons, which has a joint venture with Glanbia in Nigeria (Nutracema), has issued a profit warning. The company highlighted its Nigerian operations which, it says, have been affected by continuing economic and social tensions in the country. It said the group’s overall performance will be ‘some way below expectations’. Shares in Glanbia rose 14c to €5.82.