ISEQ in the red despite profits annoucements
The ISEQ index of shares sustained heavy losses today, closing down 59.04 points at 7772.84.
This morning's announcement from insurance group FBD of a 40% increase in pre-tax profits failed to stop a 90c drop in its price to €40.55. The group's pre-tax profits increased to €185m for 2005 up from the previous year's figure of €115m.
The construction sector didn't help the ISEQ either as Abbey dropped 10c to €10.50 and CRH fell 76c to €26.59. Rivals Grafton saw their stock rise by 19c to €10.50.
Thre was also good news for Irish Life and Permanent which saw a 30c rise in its share price to €18.35.
The bank reported a 14% rise in pre-tax profits for the year ending 2005 this morning. The financial services group's pre-tax profits stood at €531m, a 14% increase on the previous year's €464m figure.
The other financials ended the day in the red however. Bank of Ireland was down 4c to €14.75, AIB was down 8c to €18.90, while Anglo Irish shed 18c to close at €13.30.
