ISEQ closes down 23.51

The ISEQ index finished at 5088.78 on Wednesday, down 23.51 points.

United Drug reported profits well ahead on this time 12 months ago. Chairman Martin Rafferty predicted another record year but warned on pharmacies competing against supplier-owned pharmacies.

The United Drug share price was up 5c to €2.60.

Shares in the financial sector were mixed with Anglo Irish down 11c to €13.24 after the market reacted to yesterday's placement of nearly three million shares by retiring chief executive Sean Fitzpatrick and two fellow directors.

AIB was up 7c to €13.27 while Bank of Ireland was down 13c to €11.17.

Independent News & Media was down 1c to €2.10. The company launched it 'compact' edition of the Irish Independent yesterday.

The group also owns the daily London Independent and will be watching with interest Richard Desmond's £500m (€735m) bid for the Daily Telegraph.

Department store Arnotts has appointed Michael Nason as its new chief executive with effect from April this year. Nason is the current Managing Director of Musgrave SuperValu-Centra in Ireland.

Ryanair was down 13c to €5.07.