Elan reaches two-year high

The ISEQ index of Irish shares finished down 8.40 at 5211.49.

Shares in pharmaceutical firm Elan earlier reached a two-year high on the Iseq today to close up 115c to €14.10.

The stock saw plenty of activity last month on the back of clinical trials for rheumatoid arthritis drug Antegren.

Shares rose over 14% to $17(€14.04) in New York last night, with trade volumes multiplied by five.

Food group Glanbia reported pre-tax losses of €14.9m for 2002 and saw its share price drop 6c to €2.49.

Charges of more than €90m related to the restructuring of its UK operations impacted on the figure.

Profits at Glanbia's key consumer foods division fell slightly to €44.8m, with turnover down to €900m.

Irish Life & Permanent reported pre-tax profits of €261.8m for last year, nearly €30m lower than in 2002.

Its shareprice closed up 10c to €13.43.

The fall was mainly due to a €50m loss on the sale of its last remaining US business Guarantee Reserve Life.

The finance group reported profits at the group's core operations in the Republic up 32% to €128.8m, driven by the continuing surge in mortgage lending - up 30% to €3.8 billion.

FBD Insurer says it expects to cut its premiums further in some areas in the coming year.

Pre-tax profits at the company last year to €104.5m, compared with €25.2m in 2002.

Ryanair saw passenger numbers up 45% to 1.877m in February 2004.

Its stock closed down 7c at €4.83.