ISEQ off to a bright start

The ISEQ index of shares got off to a bright start to the week this morning as it gained 48.76 to 7350.73 in early trading.

The Kerry Group led the charge with gains of 70c to €17. The sharp increase followed the food group's announcement of a buy back programme of up to 2.8 million ordinary shares, representing approximately 1.5% of the issued ordinary share capital of the company.

Meanwhile, the financials bounced back from last week's losses. Irish Life & Permanent fared best, gaining 36c to €18.56 in early trading.

Anglo Irish was up 25c to €11.15, AIB added 10c to €18.25, while Bank of Ireland was up 22c to €13.83.

Insurer FBD was also in the black, up 25c to €35.25 as it revealed that it has maintained its trading momentum in the year to date and is on course to achieve its operating profit target for the half year to June 30, 2006.

Independent News & Media shares were down 4c to €2.26 this morning. It this morning reported growth in a mumber of areas in a trading statement for the first half of the year.

It said group revenue and revenue from circulation would both be 3% higher, with advertising ahead 3.5%. Overall earnings are expected to be 10% higher than in the same period last year.

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