Elan weighs on Iseq again, dropping by 77 cent

Market Report: The market closed slightly in the red yesterday, with Elan again the biggest drag on performance.

The stock tumbled hard on an incorrect news agency report that a second patient taking its Tysabri drug had died, falling down to €4.25. It subsequently recovered some ground after the report was corrected to say the patient had been diagnosed with PML rather than having died from the condition, but still closed at €4.80, down 77 cent or 14 per cent on the day.

The performance overshadowed an otherwise reasonable day on the Iseq, with the financials holding their own better than most.

AIB closed unchanged at €16.30, while Bank of Ireland added five cent to finish at €13.24. Anglo Irish was steady at €20.32.

Irish Life and Permanent did better, climbing 10 cent to €14.95 in anticipation of Monday's full-year results.

CRH did well on the back of positive US jobs numbers, gaining 26 cent to close at €21.40.

Readymix was also strong, rising by seven cent to €2.10.

Trade was heavy in Ryanair, which added five cent to close at €6.10, as buyers took advantage of oil-induced price weakness.

Fyffes lost more of the strength built up in advance of this week's record results, shedding four cent to finish at €2.17.

Glanbia, which also reported this week, was in demand as it rose by three cent to €2.87.

Dealers also reported good interest in Independent News & Media, which will present results the week after next. The stock closed unchanged at €2.33.

Irish Continental Group was looking less healthy, as investors looked to results due on Monday.

Shares in the ferry group, which was hit by a strike in the course of the year, dropped by 45 cent to €11.15. Merrion Stockbrokers is expecting the firm to report an earnings decline of 4.7 per cent for 2004.

Kingspan, which is due to release numbers on Tuesday, added 11 cent to end the week at €8.36.

Settlement Day: March 9th