Stocks show mixed trading

IRISH stocks were mixed yesterday with the ISEQ index failing to extend Thursday’s gains, closing 19.07 points lower at 3995.25.

There was fairly heavy trading in the two main banking stocks which saw Allied Irish Bank losing 10c to 12.40 while Bank of Ireland slipped 40c to 10.00.

Anglo Irish Bank gained 18c to 6.38, Irish Life & Permanent eased 10c to 11.70 and First Active was static at 4.60. Overall the Irish financial index dropped 134.63 points to 7987.93. Transport and tourism stocks performed well with Ryanair soaring 50c to 5.85, reversing a poor four day run.

Hotel group Jurys Doyle added 28c to 7.70 and Irish Continental Group rose 20c to 5.50. Construction stocks were mixed with CRH falling 24c to 13.36 while Grafton Group finished 10c higher at 3.70. Pharmaceutical stocks fell with United Drug slipping 15c to 13.00 and Elan Corporation closed at 2.15, down 15c. Blue chips take tumble

US blue chip stocks declined yesterday afternoon, putting the Dow industrials at risk of a fifth-straight losing week. They fell on a profit warning from Philip Morris; downgrades of General Electric and a layoff announcement from SBC Communications.

Around 1.30 pm ET, the Dow Jones industrial average dropped about 2%, down 207.52 to 7789.60, after coming off two straight winning sessions. Standard & Poor's 500 index was also lower, falling 19.03 to 835.92, while the Nasdaq composite was little changed, retreating 8.23 to 1213.38. “The Dow's getting hammered by all the bad news this morning but the broader market is handling it pretty well,” said Tom Schrader, head of listed trading at Legg Mason. “The Nasdaq is actually doing fine.”

Tobacco products maker Philip Morris, down $4.30 to $38.43, warned late Thursday that full-year profits will come in lower than expected. For 2002, the company expects 3% to 5% growth, rather than the 20% analysts had forecast, translating to earnings per share between $4.16 and $4.24 rather than $4.82.