ISEQ early gains reversed

THE ISEQ index gave up all of its earlier gains to close 38.41 points lower at 4204.98.

The banking shares followed on from Wednesday's gains following broker upgrades for both Bank of Ireland and Allied Irish Bank as analysts felt that recent falls in price have left them trading at a discount to their UK peers.

Allied Irish Bank climbed 8c to 12.33, First Active added 6c to 4.80 and Anglo Irish gained a cent to 6.34. However, Bank of Ireland dropped 6c to 11.54 and Irish Life & Permanent closed 10c lower at 12.35.

In the food sector, Kerry Group tumbled 26c to 13.54 although Greencore was 7c higher to 2.79 and Fyffes moved up 2c to 1.35.

Construction stocks had a poor day with CRH slipping 26c to 14.99. Also in negative territory were McInerney Holdings, down 13c to 1.85, Readymix lost 8c to 1.42 and Grafton Group closed 6c lower at 3.84.

Elsewhere Elan Corporation rose 39c to 2.40 despite another credit downgrade by Standard & Poors.