FINANCE OCTOBER 1998
Overview: exposure in the Bear Market
This Month FINANCE advises readers to pay closer attention than normal to their asset allocation, because the world economy is in 'change mode', and it is from times of change that opportunities arise, as well as dangers to those who are unhedged or are not hedged sufficiently.
Also, we refuse to call the bottom, because nobody can. What we do say is...there will be a bottom, and prepare to be there, or at least as near to it as you can....
Final countdown to the euro - A Busy and Not so Rewarding Christmas coming up for many
The key checklist items heading into the euro. And, by the way, why did the EU's political leaders pick January 1st to start the euro?, as throughout Europe, it is at the precise moment of highest seasonal money supply velocity (between the Christmas-New Year shopping peaks). Surely mid Summer would have been better.
Plus: A 64 page Special Report:
THE IRISH STOCK MARKET - INVESTING IN THE WORLD'S FASTEST GROWING ECONOMY
OCTOBER 1998
Overview: equity exposure to 'the world's fastest growing economy'
The world's fastest growing economy also happens to provide the only Anglo-Saxon style equity market in the new Euroland zone, with a birthdate of January 1st 1999. Will this, and other European markets, market constitute a separate asset class? and what are the parallels between the prospects for equities in this market, and the high growth characteristics of the host economy?
A decade of change for the Irish equity market
'The ISEQ index is becoming fully representative of a changed Ireland, incorporating companies north and south of the border, recognising the trends in technology and outsourcing and on the way to including a broad range of businesses and sectors where the State now sees its ownership as an inheritance rather than an investment', writes David Lowe, head of equity research of Goodbody Stockbrokers.
The changing ownership structure of the market
(By John Clarke, head of equity research at ABN AMRO Stockbrokers, Ireland)
The shareholding structure of quoted Irish plcs has changed significantly in the 1990s. From a situation where the main investors were the domestic life and pension funds, today non-resident investors hold approximately 30 per cent of the market. Initially these were primarily UK based, but in more recent years US investment institutions have become increasingly involved. In 1997-98 there has been an upsurge in interest from continental Europe.
Irish investability - an asset waiting to be deployed
Irish companies are blessed with a high level of US 'investable' stocks relative to any other non-US market; it has all of the natural advantages of the Dutch and British markets, and, 'right now, the Irish economy helps get people into the room' according to New York Investor Relations Consultants, Brian Rafferty and Nina Pawlak. Furthermore, the growing propensity of US mutual funds to specialize and expand their horizons into the global small cap arena is working in the Irish market's favour.
Why Ireland is 'Europe's Shining Light'
Jim O'Leary has consistently polled as the leading rated economic analyst in the FINANCE Stockbroking Surveys, since they were first carried out in 1987. Here he provides a perspective on the outlook up to the millenium, and offers an insight into how the Irish economy apparently will continue to defy gravity.
Irish investors in 'Euroland'
By Ann Powell, Chairperson of the Irish Association of Investment Managers, the representative body of traditional Irish institutional investors.
London as a euro bridgehead
By Charles Watson, Financial Dynamics.
Ironically, the one major European country which will be excluded from the first wave of EMU entry - the UK - is going to be a critical bridgehead for Irish companies into the single currency zone. Charles Watson reports on the successes and failures of Irish investor relations programmes with UK institutional fund managers.
The tax impetus in the Irish equity market
Taxation is, and will continue to be, an important driver behind the growth in Irish equity values. Fred Kerr of Ernst & Young on lower capital gains tax for resident investors, and a multi year plan by the Irish Government to reduce rates of corporation tax for Irish resident companies from 32 p.c. in 1998 to just 12.5 p.c. by the year 2003.
The Intelligent Investor's Databank of Irish Equity Information
Historical financial data and ratios for Irish equities, presented to enable readers to gauge the best value investment .
1998-9 Irish Stockbrokers Survey
The twelfth annual FINANCE Magazine survey of the major institutional investors in Irish equities rating Irish stockbroking firms.
Irish Public Companies Survey 1998-9
The fifth annual Qualitative Ratings survey of Irish Publicly Quoted Companies in which the major institutional investors rank listed Irish equities by a series of subjective ratings, such as strategic market positioning, investor information, capital structure, dividend policy and marketing strength.
The Irish Stock Market
Interview with Chief Executive of the Irish Stock Exchange,Tom Healy
Editorial mission- Benchmark Surveys
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