ISEQ up despite slow starters in finance

The ISEQ-index of Irish shares received a welcomed boost this afternoon with news that Bank of Ireland is expected to deliver profit of 12% and cost growth of around 5%, while Annual Premium Equivalent (APE) sales growth at its life division will be around 25%.

Bank of Ireland announced the good news in its trading statement today which promised the good results the board for the year to March 31.

The news failed however to spark much activity on the market floor before close today as the bank's shares plummeted 45c to finish up at €16.70 while the index itself clambered up 51.03 points at 95412.28.

A close competitor for today's worst performer was IL&P with a 40c drop in share price at €19.70. In somewhat less dramatic fashion Anglo Irish Bank fell by 5c at €22.50 and finally AIB was the only financial heavyweight to make gains creeping up 15c at €22.55.

Elsewhere Shipping company Doyle Group has bought a 1.3% stake in Irish Continental Group.

The Cork-based firm bought 310,000 shares at €20, giving a total outlay of €6.2m.

Irish Continental shares are currently at €20.10, well above the €18.50 agreed by a management buy-out team with the company.

Doyle Group employs 300 in Dublin Port, Cork, Foynes and Belfast.