ISEQ falters to three-point rise
In lax trading today, Dublin's stock exchange struggled to a three-point increase to close at 5452.89.
Positive house building data in the US and UK gave construction stocks a boost with CRH rising 25c to €17.35 and Heiton up 2c at €6.52. However, Kingspan closed down 3c to €4.95 despite the Cavan-based group issuing an upbeat trading statement for the first half of the year yesterday.
Financials were generaly down with Anglo Irish down 4c to €12.89, Irish Life and Permanent tumbling 12c to €12.43 and BOI falling 2c to €10.89. The only climber was AIB who rose 18c to €12.70.
Independent News and Media was static at €1.95. Yesterday, the media group announced that it was to split the roles of chairman and chief executive with Tony O'Reilly remaining as CO but being replaced by Dr Brian Hillary as chairman.
IN&M also said it was on track to meet market expectations for the full year, in a trading statement issued yesterday.
Elan today reduced its debt today after they announced the repayment by Elan Pharmaceutical Investments II, Ltd. (EPIL II) of a $450m (€370m) debt which fell for payment yesterday.
Elan fell back to €20.23 down 66c after gains yesterday on news of its Antegren MS product. NI pharmaceutical company, Warner Chilcott, remained at €10.54.
Oil company Dragon Oil fell slightly by a cent to €0.65 after announcing the start of a work-over programme for various wells in its LAM Field in the Cheleken Contract Area, offshore from Turkmenistan.
The wells were drilled prior to Dragon signing a production-sharing agreement and more recent drilling shows the wells have potential for untapped behind-pipe reserves.
