Elan gains offset weak performance from banks

Market Report: Elan's continuing strong run kept losses on the Dublin market to a minimum yesterday

Settlement Date: April 30th

The ISEQ index fell 7.32 points or 0.13 per cent in the session, dragged down by financials, which lost 0.63 per cent on the day.

Elan rose 40 cents to €20.46, having traded as high as €20.88 earlier in the day. In the US, the share approached $25 before slipping back to $23.99 shortly after Dublin closed.

AIB and Bank of Ireland both struggled in the morning against the trend among European banks.

Despite a rally on the back of upbeat US consumer confidence figures, the top banks drifted towards the close, with AIB finishing 14 cents off at €12.58 and Bank of Ireland 11 cents weaker on €10.44.

Dealers said the moves had little to do with the announcement by Bank of Scotland of its intention to offer a full range of retail banking facilities in the Irish market. Dealers said the announcement was more likely to boost speculation of a takeover at Irish Life & Permanent, which closed unchanged yesterday on €13.85.

Anglo Irish Bank was 12 cents ahead on the day at €13.67, although volumes were not heavy.

Independent News & Media was the busiest stock on the Irish market, with more than 5.8 million shares changing hands. This included three million shares which crossed at €1.97. The stock closed at that price, up a cent on the day.

The leading industrials had a mixed session, with CRH losing ground, down five cents to €17.90, and Eircom recovering three cents to close at €1.47.

Second-liners saw a bit of selling, with Fyffes shedding four cents to €1.61 after Fresh Del Monte blamed weaker banana prices in Europe and the US for missing its targets.

United Drug, on the other hand, was two cents stronger in substantial volume as buyers took heart at good figures from rival drug distributor Uniphar.