Financials hold ISEQ back

The ISEQ failed to build on yesterday's gains as it closed down 19.84 points at 6397.69 today.

Stock in bookmaker Paddy Power leapt 33 cent to €11.16 on the back of a positive trading statement from the group, to the effect that pre-tax profits for 2004 are set to be about €32.1m - 57% higher than in 2003.

Builders Grafton and Heiton were still seeing the effects of last week's announcement by the Grafton board that all conditions of its proposed €336m acquisition offer for Heiton Holdings have now either been satisfied or waived. The offer has therefore been declared unconditional in all respects.

Shares at Grafton rose 17 cent this morning, to €8.67. Heiton, whose stores include Heiton Buckley, Atlantic Homecare and Cork Builders Providers, saw its share price rise by eight cent to €7.70.

Financial stocks were downbeat, with Bank of Ireland the biggest faller, down 34 cent to €12.06. Anglo Irish also suffered heavy losses, closing down 29c at €18.88.

AIB was down 5c at €15.50. Irish Life & Permanent, which suffered heavy losses yesterday, closed up 1c at €14.21.

CRH was the most traded stock of the day and gained 19c to €20.10.