Betting boosts ISEQ fortunes

The ISEQ-index of Irish shares received a welcome boost this morning as betting group Paddy Power announced an 'exceptional' start to 2007 and predicted an operating profit of €58m for the full year.

The ISEQ-index of Irish shares received a welcome boost this morning as betting group Paddy Power announced an 'exceptional' start to 2007 and predicted an operating profit of €58m for the full year.

Overall Irish shares climbed 7.12 to 9785.63 points while Paddy Power share prices shot up a massive 6.48% with a €1.40 gain at €23.

A statement from the group described the year so far as "an exceptionally favourable run of sporting results for the company".

Chairman, Fintan Drury, said the group expects the surge in operating profit assuming sporting results so far are not offset by an unfavourable run over the remainder of the year.

Elsewhere the banking big guns experienced a mixed morning as AIB inched up 3c at €22.63 and BoI climbed 4c at €16.55.

Meanwhile IL&P slipped 5c at €19.75 with Anglo Irish Bank dipping 2c at €16.53.

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