Galen jumps 50 cents over drugs deal with Barr in US

Market Report: Pharmaceuticals group Galen led the way in Dublin yesterday following the announcement of a deal with US rival Barr Laboratories over North American rights on certain drugs and the ending of litigation between the two parties.

Settlement Date: September 16th

The news went down well, with Galen jumping 50 cents to close at its high for the day of €9.35. In London, where shares in the Northern Ireland group trade more regularly, the stock was more than 8 per cent, or 49 pence, stronger at 657½p. More than five million shares traded between the two markets.

The rally in Galen's shares went against the trend, with the ISEQ index falling half a percentage point and financials, in particular, following Europe lower.

Bank of Ireland slipped 11 cents in active trade to €10.26, having earlier dipped as low as €10.20. AIB was quieter but finished 10 cents weaker on €12.70, having spent most of the session around €12.75.

Anglo Irish Bank was two cents weaker on €9.15 while First Active was off eight cents on €4.67. Only Irish Life & Permanent bucked the trend among the financials, finishing two cents stronger on €11.50.

Elsewhere, housebuilder McInerney attracted some buying interest following a strong set of interim figures. "There were a few buyers coming on to the scene in advance of expected upgrades for the stock," said one trader. The shares closed at €3.55, up three cents on the day, having traded as high as €3.58 earlier.

Independent News & Media slipped again a day after producing results in line with expectations. The shares were two cents lower at €1.63 by the close. Three Independent directors were in the market buying stock yesterday following the results. Mr Gavin O'Reilly, Mr Donal Buggy and Mr Ivan Fallon each bought 10,000 shares at €1.64, bringing their stakes to 609,244, 23,021 and 22,866 shares respectively.