Settlement Date: August 13th: Trading was fairly active on the Dublin market yesterday, with Elan and Galen providing the focus for news.
The ISEQ index of shares fell 19.19 to 4,362.82, unable to hold on to Thursday's gains.
Elan unnerved the market by stating that it would further delay disclosing its results until August 15th. Investors took this as another worrying sign and the stock began to weaken. US investors appeared to have been more sanguine about the news, however, and sentiment towards the stock improved in the afternoon. By close of business, Elan had shed 20 cents to 4.15.
Galen was hit by new research suggesting that women who use a certain type of hormone replacement therapy are twice as likely to develop breast cancer as those who do not. The company, which generates about 12 per cent of its income from HRT products, came under pressure. The stock fell by 37 cents to end at 8.25 as some investors sold their shares in response to the latest developments.
Financial stocks had a relatively good day. AIB gained 12 cents to end the week at 12.42 while Bank of Ireland put on six cents to close at 10.45. Anglo Irish Bank dropped 11 cents to 8.39, unable to sustain Thursday's high. First Active gained two cents to 4.90 while Irish Life & Permanent was down 19 cents at 9.56.
CRH was weaker, with the stock drifting down 39 cents to close at 15.55, with dealers reporting reasonably sized two-way activity.
Ryanair was off two cents at 6.03. Independent News & Media gained two cents to €1.62, while Gresham Hotels added four cents to 89 cents.
