ISEQ finishes week on a high note

The ISEQ index of Irish shares finished on a high today, gaining 21.2 points to close at 5,468.71 as oil prices slid below 43 US dollars a barrel.

Eircom stock closed up 2c at €1.48 after the company announced its first set of results since flotation.

The company reported some positive signs, though pre-tax losses were at €16m for April, May and June.

Operating profit before factoring in restructuring programme costs was up 86% to €65m. The restructuring at the company led to a charge of €48m in Q1 to reduce headcount by about 400. The company's balance sheet was further weighted by interest payments on its near €2bn debt.

However, operating margin was 16%, up from 9%.

Commenting on the results, eircom Chief Executive, Dr Philip Nolan said: "We have announced a very solid set of results for Q1, which are in line with our plans and expectations. In a tough environment, we have grown profitability significantly."

Meanwhile, the financials had mixed fortunes with Anglo Irish Bank shedding 5c to €13.50, while Bank of Ireland was up 3c at €10.98. Allied Irish Bank remained static at €12.96.

Insurance group FBD Holdings plc suffered heavy losses with its share price closing down 20c at 16.50.