Analysts take heart from Qualceram dividend payment

The Iseq finished down 0.83 points today to close at 5173.87.

Financials performed well with AIB, and Anglo Irish ahead 15c to €12.22 and 18c to €12.92 respectively.

BOI was down 4c to €10.25 despite mortgage arm ICS reporting a 17% year-on-year increase in pre-tax profits to €79.9m.

Quality bathroom maker Qualceram reported pre-tax profits of €3.5m for 2003.

Share in the Arklow-based firm remained on €1.75.

Among the positives that analysts' took from the results was the announcement of a final dividend of 5.25c been paid.

No dividend had been paid since 2001.

Pharmaceutical firm Elan announced it would receive €45.07m from British biotech firm Vernalis for US commericial rights for migraine treatment Frova.

Elan will receive $5m (€4.09m) up front, followed by $20m (€16.39m) and $25m (€20.48m) at the end of 2004 and 2005 respectively.

Frova generated net revenue of $37.5m (€30.73m) and profits of $8.1m (€6.63m) for Elan last year and the company closed down 10c at €16.40 on news of the deal.

Former Irish tech company Baltimore posts 2003 figures tomorrow and is expected to announce a date for an Extraordinary General Meeting to satisfy rebel shareholders Acquisitor Holdings.

They want major changes to the Baltimore Board.