ISEQ in the red despite profits annoucements

The ISEQ index of shares sustained heavy losses today, closing down 59.04 points at 7772.84.

This morning's announcement from insurance group FBD of a 40% increase in pre-tax profits failed to stop a 90c drop in its price to €40.55. The group's pre-tax profits increased to €185m for 2005 up from the previous year's figure of €115m.