Sharp early decline for ISEQ

The value of Irish shares declined by almost 1.5% by 11am this morning.

The ISEQ index was down 90.47 points to 6.392.19.

The financials took a heavy hit, with Allied Irish Bank the worst affected, slumping 40c to €13.65, the biggest loss of the day so far. Bank of Ireland (down 26c to €9.03) and Irish Life & Permanent (down 20c to €11.14) also performed poorly. Anglo Irish Bank saw a 10c dip to €9.60.

The construction sector also saw some losses, with Kingspan shedding 28c to €7.47. Grafton was also down, losing 12c to €5.32.

The food and drink sector also declined, with C&C losing 8c to €4.65 following the publication of yearly results today which showed a decline in operating profit. IAWS was down 13c to €16.60, with Kerry Group losing 20c to €18.80.

The other big declines after the morning’s trading included DCC (down 19c to €15.25), Dragon Oil (down 15c to €6.80) and Ryanair (down 12c to €2.88).

Elan was the one ray of light in a morning of losses, jumping 11c to €17.47.

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