ISEQ down as results provoke lukewarm response
The ISEQ fell 16.12 points to 6602.8 this morning.
There was a subdued reaction to Elan's third quarter results. The Ireland-headquartered US pharmaceutical company has cut losses by more than $130m (€101.8m) in 2004 over the previous year.
In an announcement today of its full-year 2004 financial results, Elan said net loss was down from $508.7m (€398.5m) to $375.9m (€294.4m).
Eircom stock was also down, by six cent to 1.93, after the company announced operating profits of €195m for the nine months to December 31 2004, before restructuring programme costs and exceptional operating costs.
Meanwhile, Ryanair stock was up by a cent to €6.70. The airline announced a rate of 93% of prompt arrivals for its flights in January.
In the financials, there was a downward trend across the board, barring Bank of Ireland, which saw a one-cent rise to €12.28. AIB fell a cent to €15.43, Anglo Irish Bank was down three cent to €18.80 and Irish Life and Permanent was down two cent to €14.05.
