Markets round-up: Food stocks hit by outbreak

The ISEQ index closed marginally higher at 5,883 but food companies came under pressure as the foot and mouth crisis deepened…

The ISEQ index closed marginally higher at 5,883 but food companies came under pressure as the foot and mouth crisis deepened.

Glanbia fell 3 cents to euro 0.44, Kerry shed 40 cents to euro 13.00 and Golden Vale is off 7 cents to euro 0.80.

Disappointing economic data in the US dampened any hopes of a rally on the Nasdaq. Baltimore continued its bad run, falling 14p to £2.45 on the London market.

The downward trend of the market was offset by gains in market heavweights Elan and CRH. Elan gained 99 cents to euro 55.95 while CRH is 45 cents higher at 20.90.

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Eircom was hit by further TNT sector weakness to fall 5 cents to euro 2.33.

Equities in London closed down but well ahead of earlier lows, after a late afternoon rally in financials helped to drag the markets out of the mire.

At the close of trade banks led the risers, with Ulster Bank parent Royal Bank of Scotland leading the gainers after revealing top-of-the-range full year results today.

Other financial blue chips remained in demand, particularly after yesterday afternoon's surprise announcement by Abbey National that it has terminated bid talks with Bank of Scotland.

Weakness in selected telecom, media, and technology issues continued to drag, hit by Nasdaq's opening fall as earnings concerns returned to haunt the market following a warning from PC maker Gateway after the bell yesterday.