ISEQ falls below 7900 mark

The ISEQ index of shares dipped below the 7,900 mark today, down 7.19 points to 7893.28.

Shares at pharmaceutical company Elan were down 2c to €11.38 as it forecast a €150m-€175m full-year before-tax loss, excluding revenues from its suspended MS drug Tysabri.

Revenue for the first three months of the year was $134.3m (€106m), ahead of analysts' forecasts of $127.1m (€100m).

Elan president Kelly Martin said: "Our first quarter results demonstrate continued progress across all areas of our company."

No-frills airline Ryanair saw its stock chalk up a 10c gain to €6.80 after the company reported its highest-ever monthly passenger numbers for April of this year. Ryanair carried 3.44m passengers last month, the highest figure in the airline's history.

Meanwhile, eircom shares were unchanged at €2.15 as Babcock and Brown, which is engaged in a takeover attempt on eircom, announced that it is to build the new €100m supercourt in Dublin.

Most of the financials were in the red today. Bank of Ireland was down 18c to €14.67. AIB saw a 10c decrease to €18.75 while Anglo Irish Bank was up 7c to €13.30. Irish Life and Permanent, meanwhile, fell 5c to €20.30.