Eircom slips on ISEQ
Shares in eircom slipped 1c to €2.20 despite the announcement that Australian company Babcock & Brown Capital has moved closer to making a bid for eircom.
The investment group has confirmed that it has now bought up more than 250 million shares in the company, giving it a stake of just over 23%.
Babcock & Brown is now the largest shareholder in eircom and, if it increases its holding to more than 29.9%, it will be legally obliged to make a formal takeover offer for the telecommunications firm.
That reflected the generally mood on the ISEQ today, with the Dublin Stock Exchange slipping 28.62 points to 7887.32 by the end of trading.
The majority of the financials lost ground today. AIB plunged 32c to €19.35, Anglo Irish Bank fell 3c to €13.79 and Bank of Ireland slipped 1c to €15.03.
Irish Life and Permanent bucked the trend, rising 40c to €12.60.
Bookmaker Paddy Power recorded one of the day's biggest losses, falling 40c to €12.60.
Oil stocks had a good day today with Tullow Oil rising 1c to €4.45 and Dragon Oil rising 2c €3.30.
