AIB up 4c as bank reveals further irregularities

The ISEQ finished up 7.61 points today to 5227.86.

Leading the way today were financial and construction stocks.

AIB today made public details of 'unacceptable practices' in its AIB Investment Managers (AIBIM) division. This related to nine transactions between 1991 to 1993 for €174,000.

The bank said that the issue had come to light after internal investigations and that compensation payments of €330,000 are to be made to the clients involved.

It also announced that the investigation into the overcharging of foreign exchange customers had begun.

Shares in AIB were up 4c to €12.02 while Anglo Irish was up 18c to €13.28 and BOI remained on €10.10.

CRH was up 1c to €17.39 after yesterday's reports from the US said construction volumes had remained stable.

Grafton was up 5c to €5.90 while Heiton was steady on €4.85.

Builders providers Kingspan was up 3c to €4.74. Earlier, the company's agm heard that the outlook was positive for 2004. Chairman Eugene Murtagh told shareholders that there had been organic led growth during 2003.

Tullow Oil remained on €1.52 after shareholders passed a special resolution to acquire Energy Africa and the issue of 274,526,013 new ordinary shares. Unidare reported an increase in profits and said cost-cutting and consolidation measures - particularly in the US - contributed.

Shares in the industrial distributor were up 2c to €1.77.

Latest Iseq entrant, Cantrell and Cochrane was up 3c to €2.31 while eircom was up 1c to €1.40.