ISEQ index up in morning trade

The ISEQ index of Irish shares has seen a 86.03-point surge today to 9753.95.

Pharmaceutical company Elan's shares rose €1.53 to €13.23.

Athlone-based Elan and Wyeth Pharmaceuticals announced today that they were to initiate a phase three clinical programme of a drug for the treatment of patients with mild to moderate Alzheimer's Disease.

The phase three trial of Bapineuzumab will start in the second half of this year, subject to regulatory approval.

Meanwhile, e-learning company Thirdforce was also on the news today after it announced the merger of e-learning business MindLeaders.com for $18m (€44m). Thirdforce shares rose 2c at the news and are now trading at 30c.

Ryanair - whose headline-grabbing, free-seat offer ends today - added to the positive mood. The airline's shares rose 9c to €5.38.