ISEQ falls as AIB share price plummets

The Iseq index finished down 126.70 points at 5060.58 on Tuesday as AIB saw €1 disappear off its share price.

Earlier the company announced pre-tax profits of €1.01bn to the year ended Dec 2003 - down €300m on the 2002 figure - but still in line with analysts' expectations.

Shares in the company closed at €12.30, down €1.

Analysts took the 10% rise in the dividend payment as a sign of management confidence in the Group's future earnings power.

The management buyout of Barlo by chief executive Tony Mullins seems to have run into stormy waters.

The Irish Stock Exchange revealed today that Dermot Desmond's investment vehicle IIU bought 3.6 million shares at 42c each taking his shareholding to just under 13%.

Barlo closed down 1c to 0.41c.

The Kerry group was down 21c to €14.59. Earlier the food group saw after tax profits rise by over 10.3% to €208m.

CEO Hugh Friel said that currency fluctuations including the weak dollar and sterling impacted on the group's profits.

The Kerry Board has declared a final dividend of 8.6c per share, an increase of 9.6% on the 2002 figure.

It also forecast a "strong pipeline of acquisition opportunities" in the year ahead.

The threatened escalation of the dispute at Irish Ferries happened today with the company suspending three out of four services.

Shares in Irish Continental Group were up 7c to €12.12.

Bookmaking chain Paddy Power was up 5c to €7.55 ahead of tomorrow's full-year results.

Analysts are forecasting full year turnover up 23% to €555m but a 3.8% dip in operating profits to €18.5m after unfavourable results at the Cheltenham and Aintree racing festivals in the first-half of 2002.

Turnover at its online division - paddypower.com is expected to have grown strongly over the last year with a 60% increase in the number of active customers.