Market awaits BOI announcement

The ISEQ index shed 20.03 points this morning to 5205.52

Bank of Ireland has not yet named a successor to Michael Soden, its former chief executive who resigned at the weekend.

So far no adverse affect has been seen in its shareprice, as BOI's stock was up 7c to €10.12 in early morning trade.

Analysts believed that following yesterday's bank holiday in the UK, today would see a more thorough market reaction to the weekend's news.

AllIed Irish Bank was down 2c to €11.85 after confronting its own scandal concerning former directors and alleged tax irregularities.

Low fares airline Ryanair posted a better than expected 5% drop in full year net profit to €226.6m. Earlier this year Ryanair had predicted a 10% drop.

Summer bookings were good the airline said, but warned that winter would be difficult.

Builders providers Heiton's has bought Eddie's Hardware Ltd in Drogheda, Co Louth for €14m. The firm specialises in building materials, home improvement and DIY.

Shares traded at a steady €4.85 on the news.

Eircom reported pre-tax profits up 9% to €602m. Broadband customers powered the increase - up from 3,400 in March last year to so far 38,000 this year.