Shares subside as markets in flux

The Irish Index lost ground, closing down 87.97 points at 4264.96, as markets around Europe saw mixed returns.

Shares in Elan Pharmaceuticals tumbled 29.84% to €4.35, after the company announced its intention to seek an extension for filing its 2002 Annual Report. Failure to resolve its accounting issues could result in some debts becoming immediately repayable to bondholders.

Financials performed poorly, with AIB gaining 0.3% to €13.18 and Bank of Ireland falling marginally by 0.56% to €10.65. Anglo Irish Bank lost 0.26% to €7.78 in light volume trading. On a disappointing day, CRH fell 2.45% to €13.51.