Financials buck trend

THE ISEQ index closed 10.50 points lower at 4082.14 on yesterday.

The financial sector performed solidly. Allied Irish Bank added 20c to 13.50 as its main competitor Bank of Ireland fell 12c to 10.03. Anglo Irish gained 7c to 6.62 and Irish Life & Permanent added 5c to 10.35. First Active slipped 5c to 5.70 and IFG remained unchanged at 45c.

The Index of Financial shares closed 25.54 points higher to 8238.88 points.

On a generally disappointing day for Irish shares, the pharmaceutical sector declined notably. Galen slumped 65c to 5.70 because of concern about the introduction of more competition for its Ovcon oral contraception. Other pharmaceuticals to close the day in the red included United Drug down 20c to 12.60 and Elan Corporation 11c lower to 3.58.

Food stocks also performed poorly. Kerry Group lost 50c to 12.50 and Fyffes declined 7c to 1.30. IAWS added 10c to 7.60 after it was reported that the expansion of its Canadian bakery may be brought forward by six months. Glanbia closed up 5c to 1.45.

Elsewhere, Arnotts closed 80c higher to 12.50 as Carrgran submitted a revised offer proposal to the board of Arnotts of 12.75 in cash per ordinary share.