Market update: Gains by Elan offset by weak banks

The ISEQ is marginally ahead five points this afternoon on 5,560

The ISEQ is marginally ahead five points this afternoon on 5,560.86 as gains by Elan were offset by loses among the financials.

Irish Life and Permanent slumped 25 cents to euro 12.00, AIB eased down 11 cents to euro 13.05 while Bank of Ireland gained 12 cents to euro 9.77.

CRH was down 44 cents to euro 18.53 following this morning's announcement of development initiatives totalling euro 354 million undertaken in the second half of 2000. Fellow building stock Abbey dropped 23 cents to euro 3.65.

Elan shares climbed strongly this morning - gaining 150 cents to euro 50.50 while United Drug was unchanged.

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Among the tech stocks, Iona Technologies was the most active, losing 165 cents to euro 60.35 while Riverdeep eased up slightly to euro 3.15, a gain of five cents. Independent shares were off 10 cents on euro 3.05.

The bad news continues for Eircom shareholders as the stock fell a further two cents today to euro 2.45 in morning trading.

London shares crept higher in midday trades, led by strength in 'old economy' drug and oil issues, ahead of OPEC's key meeting in Vienna later this week - at which production cuts are expected to be agreed in order to ensure an elevated price of crude, dealers said.