Irish Life & Permanent and Iona share spotlight

Irish Life & Permanent (IL&P) and Iona Technologies were stars on a day when shares eased slightly, with the ISEQ index finishing 12.71 points down at 5,872.04. One trader, however, said, the bias was towards buyers and expressed confidence that there was further scope for gains.

Shares in IL&P rose to €12.09, up 22 cents amid strong demand and the belief that the mortgage bank is trading below the rates achieved in its European peer group.

The other large financials, which have risen in the past week, gave up some of their recent gains. AIB dipped nine cents to close at €12, while Bank of Ireland dropped another cent to €8.92 after losing 15 cents on Wednesday - the bank reports half-year results in two weeks.

Elan, which accounts for 20 per cent of the ISEQ's index weighting, fell to €60.80 from €61.30. The stock was marginally ahead in midday trading on the New York stock exchange.

Technology stocks also fared well after US giant Intel said fourth-quarter sales were in line with expectations after a weak third quarter.

Iona reached €82 from €79 and ITG Group climbed seven cents to €8.95 from €8.88. Horizon, however, lost five cents to close at €8.45.

Of the older industrials, CRH lost 23 cents to finish at €18.24 while Smurfit closed two cents weaker at €2.13.

Waterford Wedgwood finished one cent ahead at €1.46 although it was trading three cents ahead during the day amid significant buying interest. In excess of nine million shares changed hands. One trader said the company was undervalued when compared to its peer group of luxury goods firms.