ISEQ up as Elan drug gets the nod

The ISEQ index of shares continued its upward trend this morning, gaining 36.17 to 7387.98.

The hike came as Elan Corporation plc and Biogen Idec announced that they received approval from the European Commission to market Tysabri as a treatment for multiple sclerosis (MS). Elan shares were up 12c to €13.37 this morning.

Meanwhile, Fyffes shares were up 3c to €1.39 as it revealed that performance so far this year is in line with expectations. Adjusted profit before tax for the six months to June 30, 2006 is expected to be in the range of €37m to €39m.

Most of the financials were also on the up. AIB gained 12c to €18.24, Bank of Ireland was up 10c to €13.75, while Anglo Irish saw a 1c rise to €11.46.

Irish Life & Permanent, however, remained in the doldrums, down 5c to €18.35.

Insurer FBD saw this morning's biggest gains as its share price leapt ahead 90c to €36.75.