The ISEQ ticked seven points lower at the close of business today with the leading banks looking weaker despite some positive news today from a number of Irish firms.
AIB lost 35 cents to euro 11.98 and Bank of Ireland was off 16 cents to euro 10.23. AIB lost ground despite a broadly upbeat address at today's AGM by group chairman Mr Lochlann Quinn.
Eircom gave back gains made in earlier in the week as investors wait for details of the O'Reilly-led consortium's offer for the group.
Positive broker comment following Monday's results lifted Elan's share price. Elan gained euro 1.62 to 56.40.
Iona's first-quarter results were a pleasant surprise with revenues hitting an all-time high of $42.7 million. The firm was very bullish in a conference call to analysts this afternoon upwardly revising its sales forecast for the year.
Volume in Iona reached 1.5 million shares by mid-session in New York, a record for the stock. But the shares were unchanged at $31, albeit against the downward Nasdaq trend today.
In London the planned merger between Halifax and Bank of Scotland gave the banking sector some support, dealer said.