Market fails to hold early gains

THE Irish market began the day ahead yesterday, but slipped back in afternoon trading. By the closing bell, the ISEQ was down 63.25 points to 5798.49.

Elan was among the main movers of the day, rising 25c to finish at €3.56. The pharmaceutical company reported its first quarter results upon which the withdrawal of Tysabri had a strongly negative impact. A net loss of $115.6m was reported.

AIB slipped 10c to €15.75, while Bank of Ireland finished 35c softer at €11.65. Over five million shares were traded in Anglo Irish Bank, which eased 10c to €9.15, while Irish Life & Permanent dropped 19c to €13.05.