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Opening Bell: Investors shrug at Apple's event, Ryanair stocks surge, BOI says 'bye' to Visa credit cards

Last night's 'Apple Event' - which unveiled the new flagship iPhone 6S range - has failed to...
Newstalk
Newstalk

07.28 10 Sep 2015


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Opening Bell: Investors shrug...

Opening Bell: Investors shrug at Apple's event, Ryanair stocks surge, BOI says 'bye' to Visa credit cards

Newstalk
Newstalk

07.28 10 Sep 2015


Share this article


Last night's 'Apple Event' - which unveiled the new flagship iPhone 6S range - has failed to excite investors.

The stock's hangover continues as it climbs down from the record valuations recorded earlier in this year - it ended trading yesterday down 1.9%.

That is the biggest post-event drop since the launch of the iPhone 5C and 5S two years ago, it triggered a 2.3% fall.

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Apple shares were down by 6.2% over the 30 days leading up to the launch. 

Yesterday's announcements refined some of Apple's current offerings, but offered no real surprises.

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Bank of Ireland has ended its relationship with Visa credit cards, and it has confirmed that it has new deal with MasterCard.

A statement from the company said that MasterCard has been appointed as "its strategic partner for all credit cards."

The bank has begun the process of contacting customers to inform them that their Visa credit cards will be replaced with an alternative from MasterCard.

There will be no change for customers with Visa debit cards.

This ends a 40 year relationship with Visa - The Irish Times reports that MasterCard offered the bank better terms than its rival in a recent round of negotiations.

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Early yesterday morning Ryanair announced that it had upped its projected full year profit by 25% - this triggered a surge in demand for the company's stocks - hitting peaks of +10%.

Michael O'Leary warned investors and commentators to not succumb to "irrational exuberance" - as the profit bump has been facilitated by a number of factors which are beyond the airline's control.

Shares hit an all-time high of €18.26 - ultimately the shares ended up 4.17%.

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The Minister for Finance, Michael Noonan and the former IMF mission chief to Ireland, Ajai Chopra will appear before the Banking Inquiry's last public hearing today.

Michael Noonan will take questions about his plans to burn bondholders - and how they were stopped - and about the government's own management of the economy since coming to office.

Similar questions will also be put to Ajai Chopra - who personally oversaw many of the controversial moves demanded by the Troika.

After four months of hearings, today will mark the last day of public business for the Banking Inquiry.

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Fresh data from China shows that consumer prices were up by 2% in August year-on-year, that's the biggest increase in 13 months.

This was driven by increases in food prices - producer prices are down by 5.9% during the 12 months.

Financial Times reports that the increase in inflation, which was 1.6% in July, was driven by one commodity - Pork. There is a shortage of pig meat, which has driven up its price.


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