Mixed fortunes for exploration companies on falling ISEQ

The ISEQ fell 41.58 points this morning to stand at 7829.28 at 10.30am.

Dragon Oil was the biggest faller, losing 32c (9.3%) to €3.13 following its announcement this morning that a pipeline blockage is disrupting production at one of its projects.

Tullow Oil was up 10c (2.2%) at €4.55. The company’s partner in Uganda issued an update this morning on continuing work on a well.

Elan gained 35c (3.3%) to €10.95 on the day that the US Food and Drug Administration will hold a public meeting on its multiple sclerosis drug Tysabri.

Fyffes fell 3c (1.3%) to €2.20.

CRH was the morning’s busiest share, after the company announced record profits for the year ending December 2005. However, its share price fell 20c to €27.35.

Allied Irish Bank slipped 16c to €18.98, while Bank of Ireland lost 14c to find itself at €14.96 mid-morning.

Anglo Irish Bank was down 10c at €13.55. Irish Life and Permanent was up 5c at €18.03.

Eircom was down 1c at €2.20, following reports that Australian bank Babcock & Brown had increased its holding in the telecom.