ISEQ slips into red despite afternoon rally

The ISEQ managed to recover from the poor start by markets across Europe today to close the day still in the red but only just.

The ISEQ closed the day at 5,361.09, down 6.30.

Many financial stocks slipped. Allied Irish Bank shares fell 4c to €12.83 while Bank of Ireland shares fell 1c to €10.74.

Shares in Anglo-Irish Bank dropped 6c to €13.40 but Irish Life & Permanent fared better closing up 10c at €12.10.

Building materials and DIY group Heiton agreed at the AGM today that a formal offer document relating to the proposed takeover by rival Grafton will be sent to shareholders in early September while the company announced director Vincent O’Doherty has retired from the board.

Today shares in Heiton climbed 8c to €6.50 while shares in Grafton were up 22c to €7.00. CRH shares dropped 22c to €18.37.

Pharmaceutical giant Elan leaped 27c today to €17.67 but the news wasn't so good for another pharmaceutical, Warner Chilcott (formerly Galen) which dropped 21c to €8.96.

The oil worries didn't help shares in Ryanair, which dropped 10c today to €4.20.

The main movers today were Irish Life & Permanent, Ryanair, Grafton, Bank of Ireland and Anglo-Irish Bank.