Elan jump sets positive tone on ISEQ

Shares in pharmaceutical company Elan jumped 35c to €3.30 today, on the back of some good news from the States.

Data presented at the 57th annual American Academy of Neurology (AAN) meeting in Miami showed treatment with under-fire multiple sclerosis (MS) drug Tysabri led to a significant reduction in progression of the disease.

On February 28 this year, Elan and partner Biogen announced the voluntary suspension of Tysabri from the US market after two people taking the drug in conjunction with another drug, Avonex, died when they developed a central nervous system disease.

Elan stock was the biggest mover on the ISEQ this morning, but positive trading in other stocks built on the Elan rise to put the exchange up 20.71 up on opening, at 6147.67.

Anglo Irish Bank closed up 10c at €19.83, the biggest move seen by the financials today. Bank of Ireland fell 5c to €12.50, while AIB stayed in black, up 2c to €16.42. Irish Life and Permanent rose 4c to €13.89.