ISEQ falls in morning trade

The ISEQ fell 16.37 points to 6199.63 in morning trade today, despite healthy profits announcements from building company Grafton and insurer FBD Holdings.

Pre-tax profits at building company Grafton were 29% higher at €131.9m in 2004. Turnover in Ireland increased by 25% to €1.9bn while there was a 28% rise in UK turnover to over €1.4bn. Despite the profits announcement, share price fell 15c to €9.75.

Grafton completed the acquisition of rival Heiton on January 7 this year for €398m including debt assumed and the cost of the group’s 29% investment in the business held prior to the offer.

Insurer FBD Holdings had a better reaction to their profits announcement today. Pre-tax profits were €135m last year, up from €106.5m in 2003. FBD shares stayed level at €20.45 in morning raid today.