ISEQ edges towards 7800 mark

The ISEQ index of shares edged towards the 7800 mark today, rising 6.05 points to 7792.98.

Eircom confirmed this afternoon that it has received an approach from Australian investment bank Babcock and Brown Capital, which may lead to an offer for the company.

In a statement to the Irish Stock Exchange this afternoon, the company said that it may make a further announcement in due course.

The bank already owns 12.5% of eircom. The announcement of the approach saw busy trading in Eircom shares which closed the day up four cents at €2.20.

It was also a good day for most of the financials. Irish Life & Permanent led the charge with a 14c gain to €17.99. Anglo Irish Bank was up c to €13.09, while AIB was up 10c to €19.68. Bank of Ireland, however, fell back 2c to €14.86.

Pharmaceutical company Elan suffered the day's heaviest loss, down 64c to €11.50.