ISEQ closes with fall of 78
The ISEQ index of Irish shares finished down 78.66 on Monday to close at 5075.48.
There was more good news for bookmaking chain Paddy Power after the general consensus indicated a 'good' Cheltenham festival.
Its stock was up 10c to €8.90 after media reports at the weekend listed Paddy Power as an 'undervalued stock' in a survey undertaken by international accountancy firm RSM Robson Rhodes.
Building materials group CRH saw its share price slide by 12c to €16.50 after news of a major Portuguese deal.
Cement Road Holdings (CRH) is to take a 49% equity stake in Secil, a Portuguese manufacturer of cement and ready-mixed concrete. Both will have joint managerial control of the company.
The deal is subject to European Commission approval but is expected to be complete by mid-year.
Analysts believe that growing profits in 2004 may prove difficult as Eurconstruct have forecasted construction volumes in Portugal to fall by a further 6.7% in 2004, before recovering in 2005.
Independent News & Media is due to release full year 2003 figures this Wednesday.
Analysts are expecting strong results on the back of improved trading, positive currency movements and restructuring. Shares in the company were down 1c to €2.04.
Greencore was down 3c to €3.12 after Northern Foods said that underlying sales growth in Q4 to end March was slightly lower than Q3.
Tullow Oil lost 11c to close at €1.43.
The drilling firm said today that it has had to abandon its Kiarsseny Topaze South-1 exploration well situated off the coast of Gabon.
No significant recoverable quantities of oil were found, the company said in a statement to the Irish Stock Exchange.
