ISEQ gains 90 points

The ISEQ index of Irish shares roared ahead as it added 90.10 points today to close at 5,540.62, after a number of heavy-hitters released results to the market.

Glanbia stock gained 8c to €2.50 despite an 11.8% fall in operating profits. Figures were down to €40.3m from €45.7m.

"This reflects the impact of the difficulties in the Irish pigmeat sector on the first half results," the company said in a statement.

Meanwhile, Irish Life and Permanent (ILP) announced an underlying pre-tax operating profit growth of 15% to €185.8m in an interim report. Nevertheless, company stock was down 12 cent to €12.40 at close.

Paddy Power stock fell 30c to €9.70, despite the announcement of soaring profits in betting outlets in the first half of the year.

Profit after tax soared by 158% to €16m, from €6.2m in the same period last year.

Finance director Ross Ivers warned, however, against an expectation that the profits of the first half of the year would continue into the second half.

"The business has benefited from an unusually strong gross win percentage in the first half of 2004 which, given normal fluctuations, is unlikely to continue through the second half of the year. We would expect gross win to move towards the midpoint of its historical range within each channel for the year as a whole," he said.

Allied Irish Bank added 17c to its share price to close at €13.15 amid heavy trading, while Bank of Ireland was up 18c to €11.21.

Building materieals group gained a significant 57c to €19.23. Yesterday, CRH announced a 71% hike in profits to €275m for the first half of this year.

Also among the main movers was pharmaceutical giant Elan which gained 60c to €18.80.