Forget about the big rise in the ISEQ - that was all down to the big jump in the Elan share price after it revealed its link-up with Biogem to develop a drug for treating multiple sclerosis. Otherwise the market was mainly going downhill, with the exception of another strong performance from Independent.
Independent came in for some big buying interest on Wednesday and, while volumes were much lower yesterday, the share jumped another 28 cents to €4.10. Expectations of good interim results early next month are behind the sharp rise in the shares, while the completion of the iTouch flotation is also one uncertainty that has been eliminated.
The vast bulk of Elan trading takes place in New York where the share was up more than $4, above $58 (€63.41), in the morning session following the announcement of the Biogem link-up. The Antegren MS drug is unlikely to see the marketplace before 2004, but if Elan and Biogem are successful in developing such a "blockbuster" treatment then there is huge upside for both groups.
The banks were mixed after the heavy London dealing on Wednesday with AIB down seven cents on €9.63 while Bank of Ireland was 13 cents firmer on €6.78. Irish Life - the best-performing financial of the past couple of weeks - hit some small volume profit-taking and was down 45 cents on €9.15.
IWP was five cents firmer on €1.6 after buying another 1.4 million shares at €1.60 each. Among the technology stocks, Baltimore was virtually unchanged in London as Intel - a long-time shareholder - disclosed that it no longer holds a disclosable stake. Intel previously held 4.6 per cent but has not revealed how far below the 3 per cent disclosure level it has taken its stake in Baltimore.
