Banks set downbeat tone

THE ISEQ index ended the week on a low note, dropping 29.48 points to 4469.88.

The two main financials led the decline on increased speculation that neither stock is likely to enter the Dow Jones Euro Stoxx 50 due to be announced on September 2. Bank of Ireland fell 40c to 11.80 and Allied Irish Banks dropped 7c to 13.33.

Irish Life and Permanent slipped 5c to 13.50, Anglo Irish Bank added 2c to 6.24, while First Active was unchanged at 4.90. Overall the ISEQ financial index fell 136.54 points to 8906.96. Elan Corporation extended Thursday's gains as it surged ahead 67c to close at 3.42, while at lunch time in New York the stock was trading at $3.40, up US 44 cents.