ISEQ makes early gains

The ISEQ index began the week on a high as it gained 47.75 to 5688.36 in early morning trading.

The financials led the surge, with AIB gaining 24c to €13,70. Bank of Ireland followed suit, adding 10c to €11, while Irish Live & Permanent gained 4c to stand at €13.15 at 11am.

Only Anglo Irish registered a fall in share price, losing 4c to €15.36.

Meanwhile, pharmaceutical giant Elan gained 40c in early trading to €19.35 as it announced it is to announce its interim results for the six months ended June 30, 2004 this week.

The interim results will include a reserve for the company's estimate of the liabilities related to the previously disclosed shareholder class action lawsuit and the ongoing Securities and Exchange Commission (SEC) investigation.

The reserve, which is expected to amount to $55m (€44.5m), net of related insurance coverage, will be reflected as a charge in the company's income statement for the six months ended June 30, 2004.

Building materials group CRH was also ahead this morning, gaining 16c to €19.43.