Subdued week ends with Iseq closing 1.6% down on day

DUBLIN REPORT: Iseq:3,145.72 (-36.05) Settlement date:October 28th

THE IRISH stock market finished a subdued week on a negative note, with the Iseq closing down 1.6 per cent yesterday, despite the entry of a few buyers into the market near the end of the session. The Dublin market ended the week 3.7 per cent lower than it had started.

Pharmaceutical group Elanplunged after it disclosed 10 new cases of PML, a deadly viral brain disorder linked to use of its multiple sclerosis (MS) drug Tysabri.

The European Medicines Agency (EMEA) said it would review the risk/benefit of the drug, sending the stock, which is no stranger to market volatility, down 20.5 per cent to €3.42.

Surprise British GDP figures showing that the British economy was still in recession didn't make too much of a dent on shares with sterling exposure such as food group Greencoreand housing materials company Grafton.Greencore closed up 1. 9 per cent. Grafton was the highest climber of the day, up 3.8 per cent. Kerryalso had a strong session, closing up 2.6 per cent at a round €20.

However, C&Cslipped 1 per cent to close at €2.76, while there were falls too for DCC, Smurfit Kappaand Ryanair, which dropped 2 cents to close at €3.22.

Aer Linguscame in for another bashing, finishing down 3.2 per cent at 62 cents.

The financial stocks finished roughly flat, with Irish Life & Permanentthe best performer, closing up in Dublin and London trade.

There were diverging fortunes for the share prices of exploration groups Tullow Oiland Dragon Oil,with Tullow down 1.6 per cent at €3.78 and Dragon up 1.1 per cent at €4.53.

Elsewhere, building materials group CRH,the biggest stock on the Iseq, was flat, after US cement manufacturing peer Eagle Materials released second-quarter numbers that offered little sign of an improving outlook in the cement market.