Market report: Eircom responds to interest

The ISEQ closed down 18 points on 6,408.78 this evening on unsettled trading with US stocks heading south.

The ISEQ closed down 18 points on 6,408.78 this evening on unsettled trading with US stocks heading south.

The late appearance of two extra interested parties in Eircom pushed its share price up seven cents to euro 1.30, well ahead of the two confirmed offers already on the table.

Elan staged a recovery from early losses this in afternoon and closed on euro 69.33, down 57 cents.

Among the financials Bank of Ireland was the heaviest loser dropping 40 cents to euro 11.35 while AIB shed nine cents to euro 12.84.

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Anglo Irish eased up two cents to 4.40 with Irish Life and Permanent adding a similar amount to euro 13.20.

In London, Railtrack, the troubled utility, had another bleak day. Although the shares recovered in late trade, they ended a further 4 per cent lower. Shortly after the close of trade, FTSE confirmed that the stock had been relegated from the blue-chip index.

Having enjoyed its intraday peak around the Bank of England's announcement of no change in the UK's interest rates, the FTSE slipped back in the afternoon and closed down 21.0, or 0.3 per cent, at 5,901.5.