A STRONG performance from Elan helped the Iseq to buck the trend among European exchanges and close the day in positive territory.
A 7 per cent rise in the pharmaceutical company's share price to €16.95 saw the Iseq tack on a marginal 1.48 points, or just less than 0.03 per cent, to 5,640.
Other strong performers on the day were Kingspan, Norkom and Ryanair.
The market reacted positively to Kingspan's decision to buy back up to 10 per cent of the company's shares, and its announcement that it was actively engaged in looking at possible acquisitions worth about €100 million. By the close of business, the building materials company's share price had advanced more than 6 per cent, or 37 cent, to €6.30.
But other construction stocks remained weak yesterday, with market heavyweight CRH shedding 30 cent to €21.05. Readymix saw 3 cent, or more than 2 per cent, shaved off its price to €1.19.
Financial stocks were under pressure again yesterday, but they largely avoided the worst of the previous day's carnage when many were sold off strongly. As the market closed, AIB had shed 10 cent to €11.55, while Bank of Ireland was 14 cent weaker at €6.61. Anglo Irish Bank dropped 13 cent to €7, with Irish Life Permanent back 15 cent to €9.35.
Financial crime and compliance solutions company Norkom posted pre-tax profits of €4.9 million for the year ended March 31st 2008, up nearly 12 per cent on the same period last year. Its share price advanced 10 per cent to €1.65 on the back of this news.
Despite oil prices remaining very high, Ryanair staged a rally which saw it finish more than 3 per cent stronger at €3. Rival Aer Lingus was in worse shape, closing 8 cent weaker at €1.50.
