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.