Merrion Pharma to wind up operations
The board of Dublin-listed Merrion Pharmaceuticals is seeking to wind up its operations, with the company proposing that €4.5m in its accounts be distributed to shareholders.
Merrion sold its intellectual property rights to Novo Nordisk last year and has been pursuing opportunities as an investment fund ever since.
The ISEQ overall index of Irish shares rose slightly on the back of an impressive set of half-year results from Kingspan.
The building materials group announced that profits were up by 50pc over the first half of 2016, rising to €167m. Shares in the company gained 7pc in Dublin.
There were gains of almost 3pc for Independent News and Media, while fruit distributor Fyffes rose by 2pc.
Irish banking stocks were down yesterday, with Permanent Tsb losing 2.1pc in value, while Bank of Ireland closed down 1.9pc at 17 cents per share. Drinks company C&C lost 2pc. European stocks rallied towards the end of trading yesterday having been down for most of the day.
The FTSE 100 edged up to 6847 late in the day, having been down by as much as 0.4pc earlier yesterday.
Similarly, the German DAX finished down by 0.1pc, having been down by 0.3pc for most of the afternoon. In France, the CAC saw gains of 0.1pc.
The London exchange was helped by an improvement in house building stocks, although gains were limited by a lag in mining stocks. Last week had seen the sharpest declines in stocks across the continent since mid-June.
On commodities markets, oil prices fell more than 2pc, retreating from last week's two-month highs, on worries about Chinese fuel exports, more Iraqi and Nigerian crude shipments and rising US supply.