FBD profit report fails to lift ISEQ

Dublin's stock exchange saw 35.72 points taken off its index by 11am this morning.

The ISEQ now stands at 7,796.16 points.

This morning's announcement from insurance group FBD of a 40% increase in pre-tax profits failed to stop a 55-point drop in its price to €40.90. The group's pre-tax profits increased to €185m for 2005 up from the previous year's figure of €115m.

The construction sector didn't help the ISEQ either as Abbey dropped 17c to €10.43 and CRH fell 22c to €27.13. Rivals Grafton saw their stock rise by 14c to €10.45.

Irish Life and Permanent was the main beneficiary this morning in the financials as their share price climbed 25c to €18.30.

The bank reported a 14% rise in pre-tax profits for the year ending 2005 this morning. The financial services group's pre-tax profits stood at €531m, a 14% increase on the previous year's €464m figure.

AIB also saw a rise, a more modest eight cent increase to €19.06, but Anglo Irish Bank dropped three cents to €13.45 and Bank of Ireland slipped four cents to €14.75.

Elsewhere, business services group DCC tumbled 15c to €19.25.