ISEQ loses out despite trading flurry

A flurry of activity among some of the ISEQ's biggest earners failed to prop up the overall results by close today as Irish shares closed down by 4.59 points to 9217.71.

A flurry of activity among some of the ISEQ index' biggest earners failed to prop up the overall results by close today as Irish shares closed down by 4.59 points to 9217.71.

Irish insurances and financial services group FBD suffered major losses plummeting by 40c a share despite optomistic reports released by the group today indicating a bright future.

FBD said it continued to trade strongly in the second half of the year and was "on course to deliver a full-year operating earnings performance somewhat ahead of the market's expectation".

Today's losses have been written off as short-term fluctuations as investors are the company's shares generally perform relatively well and remain strong at €43 per share.

Elsewhere no-frills airline Ryanair experienced a positive afternoon. Its shares climbed 9c to €10.04 on foot of news that the company has launched a "free-flight" giveaway for all passengers who check in online.

Any passenger who checks in online between now and December 21 will receive a "free" Ryanair flight for travel in January 2007. Although the flights are one way and exclude taxes and charges investors were convinced that it would only prove to boost the shares.

Another major move by an Irish-registered company saw Blackrock International Land plc announce that it has acquired a portfolio of six office buildings in The Netherlands for €46.5m.

While the company's shares inched up by a modest 1c to 47c it did mark a 2.17% increase in one afternoon.

Meanwhile the financial heavy weights experienced a less encouraging afternoon. AIB was down 20c to €22.50, Anglo dropped 11c to €15.52, Bank of Ireland also fell, losing 18c and rounding off the day at €17.16. Even IL&P managed to shed 10c to €20.90.