Iseq climbs, led by Elan boost

The Iseq index of Irish shares rose steadily today, to close up 52.84 points at 5232.42.

Pharmaceutical firm Elan recorded a 76c increase to close at €19.44, having earlier broken the €20 barrier.

Its partner Biogen announced that they would submit an application for the approval of Antegren as a treatment for Crohn's disease in Europe.

Elan announced the completion of its agreement to sell the North American commercialisation rights of Frova to Vernalis for $55m (€46m).

Fellow pharmaceutical firm Galen, on the other hand saw its stock go south, losing €1.06 to close at €11.21.

Ryanair's stock closed up 12c to €4.62 after analysts suggested that surcharges may drive cost conscious flyers to low fare airlines.

DCC was up a further 13c to €13.08 after yesterday's announcement of their latest share buyback scheme.

Fyffes rose 2c to €1.56.

Construction stocks saw Grafton Heiton and CRH all gain.

CRH was buoyed by good housing start numbers from the US where it has considerable interests and was up 16c to €17.51.

Grafton was up 10c to €6.00 while Heiton edged up 30c to close at €5.00.

The financials enjoyed a good day. AIB remained on €11.93 but Anglo Irish Bank was up 41c to €12.68 and Bank of Ireland was up 8c to €9.97.