ISEQ trading up with larger stocks mixed

The market was up 5 points to 5283 just after 11am today on mixed performances from the larger stocks.

The financials were mixed. AIB fell 15c to €13.47 and BOI shed 3c to €11.67. Irish L&P gained 16c to €13.75 and Anglo, which is releasing a trading statement this week, was up 1c to €13.61.

Gresham gained 2c to €1.24 after the Irish Takeover Panel extended the period of time that the consortium that has expressed an interest in acquiring the hotel company has to make a formal bid.

Drug group Galen was unchanged at €11.13, despite announcing this morning that it has secured exclusive patent rights for a new chewable oral contraceptive called Ovcon.

Technology firm Thirdforce jumped 25% up 8c to €0.40, with rumours of a planned acquisition still going strong.

Building stock McInerney was down 1c to €5.22. The housebuilder has just issued an upbeat trading statement for its performance in 2003. The group said private house completions were up by 28%. Construction heavyweight CRH was down 10c to €17.35 in early trading.

Other movers today included Ryanair, 10c stronger to €7.47, following a report released today from NCB Stockbrokers which showed the low cost airline is the most competitive public company in the country. Greencore moved up 8c to €3.45 and United Drug added 13c to €2.50.

Exploration company Glencar was up 1c to €0.08 after saying today that drilling at two of its prospects at the Asheba concession in Ghana have confirmed the presence of 'extensive' ore grade gold mineralisation.

The US markets are closed today so the currency markets are expected to be quiet. At the moment the euro is worth $1.236 and £0.691.