ISEQ falls on tough day for financials

The ISEQ slipped into the red today, falling 59.50 to 6,156,50, with banking stocks all tumbling in trading.

Allied Irish Bank shares slipped 7c to€15.90 while Bank of Ireland shares fell 8c to €12.91. Shares in Anglo Irish Bank toppled 25c to €20 and Irish Life & Permanent fell 25c to €14.50.

Elsewhere pre-tax profits at building company Grafton were revealed today, 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 20c to €9.70.

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.

Shares in another building group, CRH, fared even worse, falling 67c to €20.50.

It was a better day for insurance group 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 surged 45c to €20.90 by today's close.

It was also a better day for Elan, which climbed another 21c to €5.65 today.