Elan up on expected 2005 product launch

The ISEQ index of Irish shares closed down 29.77 points to 5375.06 today.

Pharmaceutical firm Elan has increased its focus on sales and marketing with its expected product launch of Antegren and Prialt in early 2005.

It is expected to file for FDA approval of these products in Q2 2004, with initial results to be returned circa October.

The company saw its stock rise 6c to €17.00.

Recently re-floated eircom was down 1c to €1.44.

Financials were down with AIB closing at €12.52 down 17c while Anglo Irish was down 16c to €13.14 ahead of a results announcement in a month's time.

Bank of Ireland shed 13c to close at €10.55.

An earlier economic report by the AIB indicated that house price inflation is expected to continue to rise - albeit at a lesser rate - of 7% by year's end.

Building firm Grafton was down 15c to €6.15 after analysts highlighted the servicing cost of fixed debt.

Ryanair was up 4c to €5.34 after yesterday's announcement that it had signed a new deal to keep it Charleroi base in Belgium.

The Italian government is expected to announce a range of measures to keep flag carrier AlItalia afloat tomorrow.

Food group Kerry was up 20c to finish at €15.85 after an announcement that it will continue to look for acquisitions throughout 2004.