ISEQ plunges after Elan drug withdrawal
The ISEQ plunged more than 396 points today as Elan shares collapsed almost 70% after the withdrawal of a drug to treat multiple sclerosis.
The ISEQ closed down 396.11 to 6,271.62.
The company withdrew the drug Tysabri after it was linked to a death of a person who took a combination therapy which includes the drug.
News of the withdrawal send shudders through the market, and Elan shares fell €13.81 to €6.49 on the ISEQ today, with €7bn lost worldwide.
In contrast financial stocks fared better today. Allied Irish Bank shares climbed 16c to €16.25. Bank of Ireland shares were unchanged.
Anglo Irish Bank shares slipped 10c to €19.90 while Irish Life & Permanent shares climbed 10c to €15.35. Irish Life & Permanent announced today it would publish preliminary results next Monday.
Construction fares fared well in trading. CRH shares climbed 15c to €21.15 while Kingspan shares climbed 12c to €8.30. Shares in Grafton leaped 26c to €10.25.
But building materials company Readymix saw its stock fall 4c to €2.06 on foot of a 49.3% profits fall in 2004 revealed today.
Food giant Kerry surged 45c to €18.45 today.
The most traded shares today are AIB, CRH, Anglo Irish Bank, Bank of Ireland and Elan.
