Financials' falls pull down ISEQ

The ISEQ index of Irish shares fell 24.11 to 5712.4 in morning trade today, fuelled by drops in financial stocks.

AIB was down 10 cent to €13.72, while Bank of Ireland fell 11 cent to €10.75, despite some upbeat investment news. Bank of Ireland Private Banking today announced that it has acquired a 50% interest in Gallions Reach Shopping Park for £78.8m (€116m) on behalf of a number of its private clients.

Anglo Irish Bank fell 10 cent to €15. Irish Life and Permanent was down 20 cent to €13.30.

Stock in pharmaceutical group Elan continued to rise, but at a flatter rate than in recent days. In trade this morning, Elan stock was up seven cent to €20.35. Elan today announced that it is to sell $850m (€665.7m) in senior fixed rates notes, due in 2011, and senior floating rate notes, also due in 2011.