ISEQ slumps despite positive outlook

Despite positives reports from major ISEQ listed companies the market slumped this afternoon dropping 15. 59 points to 8081.81.

One of the major losers, IL&P, continued a downward spiral falling 15c to €18.95.

Independent News and Media also dropped by 1c to €2.32 on foot of a report on the first half of 2006 where the company announced a profit after tax and exceptionals of €87.3m for the six months to June 30, down 29.7% on the 2005 figure of €124.1m.

However, the company points out that last year’s sale of iTouch for €62.7m accounts for the decrease.

Revenue for INM was up 3.6%, from €769.2m to €796.7m, while adjusted earnings per share (after the iTouch sale is taken into account) have shown an increase of 10.7%.

Bank of Ireland which surged ahead by 19c to €15.19 by close today expects a 25% increase in earnings per share (eps) for the six months to September 30, compared with a figure of 57.3c for the same period last year.

This means that predicted eps growth for the full year to March 31, 2007, has been revised to a figure in the high teens.

Tullow Oil has released details of its redevelopment of the Schooner-Ketch programme in the North Sea.

The Ketch-7 horizontal production well, which was spudded on June 2, showed 540 feet of net pay. The well had higher-than-expected reservoir pressures and now that testing has been completed will be connected the Ketch production facilities.

The first production from Ketch-7 is scheduled for early next month.

The company expects Ketch-7 to increase the production capability of Schooner and Ketch to over 100 mmscfd.

Anglo Irish Bank crept ahead by 1c to €2.32 ina modest gain for the afternoon while AIB charged ahead by 23c to €12.72.