ISEQ closes down as Elan tumbles

The ISEQ in Dublin surrendered gains from an early rally. Elan shares were sold off following a cautious broker note. Dolmen said this afternoon that it recommended investors book their gains as Elan is currently overpriced compared to its peers in the industry.

Shares had climbed 22% yesterday and 27% on Wednesday on the strength of the potential of the company's Antegren drug. This evening, shares slumped 6.10%, or 65c, to €10.00.