ISEQ closes up 25.22 today

The ISEQ index of Irish shares closed up 25.22 points at 4,789.42 on Wednesday.

Pharmaceutical firm Elan was up 5c to €4.80 after this morning’s announced that almost all Liquid Yield Option Notes (the LYONs) due in 2018 were validly surrendered for repurchase at a cost of $493m (€400m).

Analysts believe that this was a symbolic closure to the event that triggered Elan's switch into recovery mode 18 months ago.

IN&M saw its stock close up 2c to €1.96.

Earlier, the company made public a €53.5m restructuring plan as part of a trading statement issued today.

Restructuring at the media group could see staff numbers cut by up to 600 (5%) worldwide.

IN&M said it would fund the plan through internal resources on a phased basis.

Irish Life and Permanent slipped 6c to close at €12.24. Analysts predicted that an upbeat trading statement from IL&P in which it noted that, "momentum within the core life and pensions business remains robust", was cause for optimism.

Kerry Group saw its share price rise 12c to close at €14.27.

The food company disclosed earlier that it had bought three UK manufacturing plants off Hibernia Foods receiver for an estimated £15m (€21m).