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Elan leads ISEQ 26% ahead on year

Stock markets - Steady European gains
Stock markets - Steady European gains

The Dublin stock market has ended 2004 with a gain of more than 25% over the previous year.

In a half day of trading on New Year's Eve, the ISEQ index fell 14 points to 6,198, but this was 26% ahead of its closing level on the same day last year.

Much of the rise was due to a dramatic recovery in Elan shares, which began the year at €5.46 but ended it at €19.35. But even when this is stripped out, the ISEQ's gains were around 15%.

The main European stock markets also ended 2004 near the highest levels for two and a half years, after gaining about 7% in value over the past 12 months.

London's FTSE fell six points to close at 4,814 in a shortened session, but was 7.5% higher than at the end
of 2003. Paris and Frankfurt also ended 2004 about 7% ahead of last year.