ISEQ celebrates birthday with increase

The ISEQ index of Irish shares celebrated its tenth anniversary by edging closer towards the 7200 barrier rising 3.56 points to 7154.27.

The financial heavyweights enjoyed mixed fortunes today. AIB rose 19c to €18.12, while Anglo Irish Bank rose 5c to €11.92.

Irish Life and Permanent fell 11c to €17.08 while Bank of Ireland also lost ground, slipping 2c to €13.78.

Shares of Fyffes fell by over 5% today, losing 13c to €2.13, following their announcement that it would pay €20m back to shareholders after a strong second half of the year fuelled by demand for tropical fruits in continental Europe.

The Dublin-based group – whose labels include Outspan and Cape as well as Fyffes bananas and pineapples – said the sales had offset inflation, allowing them to pay the dividend which equates to €0.057 per share.

But the company said that 2006 would hold “significant challenges” for Fyffes, with an EU plan to replace its current banana import regulations with a tariff-only regime likely to increase Fyffe’s duty costs by €40m.

Elan continued there upward resurgence from last week, rising 10c to €10.85.

Oil stocks did not do so well today. Dragon Oil fell 10c to €2.70, while Tullow Oil slipped by 1c to €4.02.