STOCKS NEWS EUROPE-Irish banks fall, dropped from MSCI index

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11:38GMT 26Feb2008-Irish banks fall, dropped from MSCI index

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Shares in Ireland's two biggest banks Allied Irish Banks (ALBK.I) and Bank of Ireland (BKIR.I) fall ahead of being erased on Friday from an MSCI equity index tracked by many investment funds.

"All the tracker funds that follow the index have to sell their holdings in Irish banks," one Dublin-based trader says.

The changes in the MSCI index, announced in November and effective from the close of business on Friday, mean more than 30 million shares in each of the two banks will be deleted from the index.

A "sell" recommendation from Citigroup on each of Bank of Ireland and Allied Irish Banks is also weighing.

Shares Allied Irish Banks are down 3 percent and Bank of Ireland is off 7.1 percent, bucking a rising trend among European shares led by UK and Swiss banks.

Reuters messaging rm://andras.gergely.reuters.com@reuters.net

11:32GMT 26Feb2009-Travelzest up on H1 figs; Investec "buy"

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Shares in Travelzest (TVZ.L) rise 6.1 percent after the travel group posts its first-half results, which Investec calls "healthy", while repeating its "buy" rating and 62 pence target price.

"Full year results are healthy, with profits ahead of our estimates and lower than expected debt," says the broker in a note.

Travelzest reports that its first-half operating profit rose 34 percent to 5.1 million pounds from 3.8 million pounds on the back of the performance by its online agency and Canadian expansion, while net debt stood at 10.9 million pounds.