The chief executive of pharmaceuticals group Elan, Mr Donal Geaney, has made a paper profit of more than £1 million after buying 24,000 shares at an option price. Mr Geaney bought 24,000 Elan shares at an option price of $4.50 for a total of $108,000.

Elan shares rose sharply on the NASDAQ market in New York to $64 and those 24,000 shares are now worth $1.44 million, giving Mr Geaney a paper profit of $1.33 million or £963,000. Following the transaction, Mr Geaney now holds 76,592 shares worth just under $5 million (£3.7 million.)

In another option deal, Allied Irish Banks company secretary, Mr Liam Kinsella, has realised a profit of almost £100,000 after exercising options and then selling the shares into the market. Mr Kinsella bought 15,000 AIB shares at 266p and sold them at 920p, realising a profit of £98,100.