Iseq follows world market plunge over recession fears

The Irish stock market plunged today as fears grew over the deepening world financial crisis.

Dublin’s Iseq stock index has plummeted 5% in trading so far today.

The benchmark index nose-dived 165.5 points to 3,133.61 by 10.30am this morning.

The financial sector reflected the negative mood with all the major banks experiencing serious downfalls in their share prices.

AIB was the biggest faller with a 61c decrease to €4.94, an 11% decline similar to the Anglo Irish Bank's 11.62% fall, 31c, to €2.37 and Irish Life and Permanent's 11.63% collapse (44c) to €3.36.

Bank of Ireland had a milder 20c or 6.11% tumble to €3.09 while FBD Insurance saw its stock decrease €1.85, or 15%, to €9.75.

The construction sector was in sympathy with the finacial giants as CRH tumbled 65c to €14.80 and Kingspan fell 16c to €6.

Elsewhere, food giant Kerry Group experienced a 95c decline to stand at €18.85 while Paddy Power fell 48c to €12.27.

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