AIB fallout continues as ISEQ falls

Dublin's stock exchange saw its share prices fall 35.97 points to 6,053.02 today as the business community was dealing with the the Irish Financial Services Regulatory Authority's criticism of Allied Irish Bank's overcharging controversy.

The IFSRA hit out at AIB in its report into overcharging at the bank, finding some management were aware the bank was overcharging foreign exchange customers. Shares fell 27c to €14.67.

Other financials followed suit with both Bank of Ireland and Irish Life and Permanent shares going down five cent to €11.75 and €13.20 respectively. Anglo Irish Bank saw their stock rise by seven cent to €17.30.

Other major fallers were pharmaceutical firm Elan (down 35c to €19.60), Iona Technologies (down 27c to €3.73), shipping group Irish Continental (down 18c to €10.90) and Ryanair (down 11c to €5.42)

Glanbia shares today bucked the trend by rising 13c to €2.75 after they announced the acquisition of the German-based food ingredients company, Kortus Food Ingredients Services, for €14.5m.

Glanbia said it acquired the assets of Kortus for €14.5m. This comprised €10.5m cash and a further deferred payment of €4m.

Kortus is a privately-owned nutrient delivery systems company based in southern Germany and specialises in the production, research and development of customised nutrients systems for customers in the infant formula, clinical nutrition and dietetics markets.

Staying steady at €0.18c were oil exploration company Aminex who held an emergency general meeting which approved the sale of the Vinton Dome Oil Field in the US.

The Aminex board announced shareholders voted to approve the disposal of interests, which 36 wells are producing 180 barrels a day, at the EGM held in Dublin yesterday.

Aminex is involved in oilfield exploration, development and production operations throughout the world.

Also steady at €0.14 were shares at Ormonde Mining after the firm announced that its joint venture partner International Gold Exploration have commenced a diamond drilling programme on the Tracia gold project in northwest Spain, one of Ormonde’s five active Spanish gold projects.

It represents the first drilling on the Tracia Project which may have a large gold system.