THE Central Bank lent domestic banks a record €70 billion in special funding in February, a jump of €19bn, underlining the fragility of the sector and the state’s exposure to it.

Paddy Power’s pre-tax profits, announced this week, jumped from €67m in 2009 to €104m in 2010, driven by a strong online performance but also supported by expansion in Britain and a rise in traditional trade, writes Kyran Fitzgerald

European stock markets are taking another battering this afternoon.

THE arbitrary remuneration limit of €500,000 on the top job at AIB will make it very difficult for the group to attract somebody from outside the bank, according to Oliver Gilvarry, head of research at Dolmen Securities.

AIB’S Eugene Sheehy became the fifth bank chief executive to step down since December in the latest clear-out at the banks. His successor faces a massive reduction in pay for the role, given the Government’s plans to cap salaries for chief executives at banks receiving state aid at €500,000.

SHARES plunged yesterday as fear gripped the markets in one of the worst days in Irish financial history.

HOPES of more interest rate cuts resulted in Irish stocks surging more than 6% yesterday led by the country’s banks.

IRISH shares plunged almost 10% yesterday resulting in yet another manic Monday for investors.

IRISH Life & Permanent has withdrawn plans to buy Dolmen Securities Ltd’s stockbroking business, two sources familiar with the matter said yesterday. Irish Life and Dolmen both declined to comment.

IRISH share prices soared by 5.47% yesterday gaining €3.4 billion in value.

TWO leading stockbroking firms expect Irish equities to perform much better in 2008 after a poor 2007 left the Irish market down 27%.

FORMER Republic of Ireland international and Millwall striker Richard Sadlier has been appointed to the new board of directors of Saint Patrick’s Athletic.

AER Lingus unions representing employees such as electricians and machinists have voted to strike should the airline unilaterally change work conditions, adding to the number of groups threatening to walk off their jobs.

EIRCOM shareholders were €330 million better off last night after the phone company’s shares shot up 15% on the back of a takeover approach from Switzerland’s market leader.

COMPUTER distributor Horizon Technology Group has reported a 20% rise in pre-tax profits to €4 million. The company said increase in interim profits came despite a 1.2% decline in turnover to €148.9m.

AIB has revised its earnings forecast for 2005 in its pre-close trading statement for the first six months of the year.

RYANAIR’S 12-month share price target has been raised to €7 by Dolmen Securities.

Stockbroker Dolmen Securities has urged investors to sell Eircom shares.

GREENCORE shares fell by as much as 8% yesterday after 2004 results at the world’s largest sandwich maker fell slightly below expectations.

Electronic learning company ThirdForce has appointed Dolmen Securities as its nominated adviser.

AIB has appointed Jenny Winter and Kieran Crowley as non-executive directors.

SHAREHOLDERS in pharmaceutical company Elan will face a long wait for news that could reverse the 30% slide in the share price over the last month, analysts warned yesterday.

BUILDERS merchants and DIY group Heiton yesterday urged its shareholders to reject an approach from Grafton, the owners of the Woodie's DIY chain. The two companies broke off takeover talks earlier this week.

‘The Glass’ needs a dollar recovery to see fortunes improve, says CONOR KEANE.

ANALYSTS are expecting an upbeat trading statement from Irish Life and Permanent, which could boost the share price, tomorrow.

AIB’S latest scandal may not cost the bank much in financial terms, but its reputation may be damaged for some time, a leading analyst said yesterday.

4th Level Ventures and Enterprise Ireland have invested €650,000 in Celtic Catalysts, based at NovaUCD, UCD's €10m Innovation and Technology Transfer Centre.

DOLMEN Securities and Enterprise Ireland have set up a venture capital fund to back companies spun from university research projects.

GALEN founder and former president Allen McClay sold a 6.3% stake in the Northern Irish drugmaker for around £97 million (€147m) yesterday, sources close to the deal said. The sale spurred a drop in its share price.

FBD is set to report a massive 257% increase in pre-tax profits tomorrow delivering €90 million to the bottom line compared to just €25.2m a year earlier.

THE impasse at Gresham Hotels took another twist yesterday when the company revealed that a recent approach from a potential buyer had been rejected by its major shareholder.

AN improvement in the sales of life assurance products in 2004 opens the way for significant improvement in the Irish Life and Permanent share price, stockbrokers Dolmen Securities believe.

SHARES in Irish Independent owners Independent News & Media (IN&M) were downgraded yesterday to a hold from a buy by Dolmen Securities as the shares hit a year high price of €2.08.

ANGLO IRISH BANK and AIB Bank share prices are expected to increase substantially according to stockbroking houses.

VIRIDIAN yesterday promised to deliver real growth in dividends over the next five years, after reporting a 7% increase in operating profits to £50.8 million.

BARLO chief executive Tony Mullins will have to raise his initial 53 million takeover offer for the company by at least 30% — E17.6m — according to Dolmen Securities.

DOLMEN Butler Briscoe has bought the broking arm of BCP Stockbrokers in another example of consolidation in the industry.

PROFITS at builders Abbey Plc soared by 37% to €36.7m with the buoyant Irish housing market pushing profit margins in the sector to 28.4%.

INVESTORS should seize the opportunity of the 3.5% drop in Paddy Power’s share price to buy, after a profit warning by British rival Stanley Leisure, according to stockbrokers Dolmen Securities.

ANGLO Irish Bank shares have been rated a buy by stockbrokers Dolmen Securities in advance of the bank’s publication of results for the six months to the end of March Anglo was Dolmen analyst Stuart Draper’s banking pick of 2002 and he expects the good news to continue.

TULLOW OIL has targeted a number of possible acquisitions in Northern Europe and West Africa and put in place borrowing facilities of up to €250 million to fund any buyouts.

IRISH Life & Permanent full-year results surpassed expectations, with pre-tax profits soaring to €358.2m compared to €79.1m in 2000.

EARNINGS for Irish Life & Permanent are expected to be severely dented by the falling equity markets when, next month, the bank announces results for the year to the end of December.