Tepid start for ISEQ

The ISEQ index of Irish shares got off to a tepid start this morning, rising 19.17 points to 6830.56 by 11am today.

It wasn't the best of mornings for the financials. AIB fell 4c to €17.62 despite the news of a joint venture with Aviva plc for the manufacture and distribution of life and pensions products in the Republic of Ireland.

The joint venture brings together Hibernian Life & Pensions Limited, the third largest company in the Irish long-term savings market, and Ark Life Assurance Company Limited, the fourth largest. AIB will own an interest of 24.99 per cent in the joint venture and will enter into an exclusive distribution agreement. Hibernian will own 75.01 per cent of the new combined operation.

Bank of Ireland slipped 4c to €13.15, while Anglo Irish Bank and Irish Life and Permanent recorded no change and stayed at €11.15 and €15.30 respectively.

Parmaceutical company Elan was one of the mornings biggest movers, rising 33c to €8.85.

Bookmaker Paddy Power rose 20c to €11.10 and low-budget airline Ryanair rose 11c to €7.53.