ISEQ in negative territory

The ISEQ index of Irish shares managed to recover from heavy losses this morning, but this did not stop them finishing in the red today, down 19.65 points to 7405.13.

Pharmaceutical company Elan fell 27c to €11.53 following the announcement that they and Biogen Idec have received notification from the US Food and Drug Administration (FDA) that the Peripheral and Central Nervous System Drugs Advisory Committee will review drug Tysabri for the treatment of multiple sclerosis on March 7.

Elan and Biogen Idec were forced to withdraw the drug last February after some patients using it developed a potentially fatal brain disease, progressive multifocal leukoencephalopathy (PML). Three confirmed cases of PML were reported, two of which were fatal.

The financial heavyweights enjoyed mixed fortunes. Irish Life and Permanent suffered the heaviest losses, down 18c to €16.95. AIB fell 10c to €17.80 and Anglo Irish Bank fell 8c to €12.69.

Bank of Ireland rose 3c to €13.61.

Oil stocks also had varied fortunes today. Tullow Oil slipped 13c to €4.32, while Dragon Oil rose 6c to €3.19.