Grim morning on ISEQ

It was a grim morning on the ISEQ today, with the exchange down 78.74 points overall to 6679.49.

Financial stocks rowed back on previous days' gains with losses across the board. AIB was down 15c to €16.15, Bank of Ireland fell 20c to €12.77 and Anglo Irish Bank was down 15c to €20.10. Irish Life and permanent followed the trend with a 20c fall to €14.75.

Even a very positive results summary from Paddy Power bookmaker was not enough to reverse the downbeat trend. Paddy Power stock was down 20c to €12.70, despite today's announcement of record turnover, operating profit and earnings per share for 2004.

Profit after tax was €27.5m, up 56.6% from last year's €17.6m. Final dividend is 12.52c , up 45.7% from 8.59c last year.

ISEQ- and FTSE-quoted wholesale and electrical cabling group Unidare was one of the very few companies to see upward movement, climbing 10c to €3.50 this morning on the back of a positive AGM statement.

In the US, the success of ORS Nasco's marketing initiatives, combined with strong focus on expense levels, compensated for higher freight costs, the company said.

In the UK, Eland benefited from the concentration of its business on cables and in particular from the successful completion of a sizeable rail contract.

In the Netherlands, plant efficiencies in Daalderop were offset by continued high copper prices, but improved sales of its core water heaters and combi boilers compensated for a reduction in subcontract sales due to the phased withdrawal of a major customer.

Despite a weak dollar, a strong copper price and reduction in Unidare's subcontract business, the company said it remained "committed to building on the progress that has been made".