ISEQ down despite strong construction showing

The ISEQ was down 10.24 points this morning to 5316.08.

Financials were mixed with AIB down 6c to €12.17, Anglo Irish up 5c to €13.15 while Bank of Ireland was down 12c to €10.51.

Earlier, BOI governor Laurence Crowley expressed his confidence that the bank was not a takeover target despite recent setbacks and would in fact continue along the acquisitions trail.

In its Economic Outlook report for June 2004 BOI also stated that economic growth in Ireland has been revised upwards to 6%.

Construction saw CRH up 21c to €17.44 on the news that Irish housing starts were up 7% in May this year over the 2003 figure. Grafton was up 2c to €5.97 while Heiton was static at €5.05. McInerney was up 10c to €5.00 with Kingspan up 5c to €4.85.

Tullow Oil reported a new drilling well in its onshore Bangladesh terminal and was up 7c to €1.67.