LIVE MARKETS-'Celtic Tiger' leaps to new record high

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"CELTIC TIGER" LEAPS TO NEW RECORD HIGH

Irish stocks are on a tear .ISEQ, having topped their previous all-time from back in 2007, in part down to a rally in shares of companies with exposure to the Ukrainian economy.

The Irish stock index is up nearly 3% on Friday and growing expectations for a ceasefire between Russia and Ukraine has lifted shares in companies including Kingspan KSP.I and CRH CRH_p.I, .

"We would expect several Irish Plcs to benefit from the rebuilding of Ukraine," said Dudley Shanley, head of research at Goodbody.

"Ryanair (RYA.I) has already stated that it will be ready to start flying into Ukraine a few weeks... while CRH is one of the largest cement producers in Ukraine and Kingspan has been operating in the country since the early 2000’s."

While larger economies in Europe struggle with large fiscal deficits, Ireland is running a budget surplus, aided by tax revenues from tech giants such as Apple AAPL.O that have in turn benefitted from Ireland's lower corporate tax rates.

"We've benefited from a strong economy and strong corporation tax flow. There is a risk that some of that does unwind in the in the long term and the government has recognised that and set up a long-term sovereign wealth fund," said David McNamara, chief economist at AIB.

However, Ireland could be at risk in the event of a U.S.- EU trade war, given the heavy export-focused nature of its economy.

(Johann M Cherian)

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