ISEQ slips in morning trading

The ISEQ has slipped back 10.87 to 5,648.21 in morning trading today, shares in Elan falling sharply today.

Shares in the Westmeath-based pharmaceutical have slipped 30c today to €20.

Today is a mixed trading day for the main financial institutions. Allied Irish Bank shares have slipped 8c to €13.37 while Bank of Ireland shares have fallen 10c to €11.25.

Shares in Anglo-Irish Bank have climbed 15c to €14.85 while Irish Life & Permanent is up 10c to €12.95 today.

Elsewhere UTV today reported interim results this morning with a positive outlook for the rest of the year.

The group's core business, television broadcasting saw revenues up 16% to £22.8m (E33.5m) and operating profits of £7.2m (E10.5m), 3.3% ahead of our forecast. UTV says revenues for the month of October are likely to be up 15%. UTV shares are trading at €6.12 today.

Earlier today Craigavon-based pharmaceutical Warner Chilcott, formerly known as Galen, confirmed it has received an approach for a takeover of the company. Shares are trading at €9.57.

Shares in CRH have slipped 2c today to €19.38 despite good news from the US regarding CRH subsidaries.

Elsewhere oil and gas company Aminex has signed a 20-year agreement to develop North Korea’s petroleum industry. Shares are unchanged at 19c.