Financials drag index down
The ISEQ index was dragged lower by the financial stocks, which declined following a downbeat statement from Barclays, Britain’s third largest bank.
Bank of Ireland dropped 45c to 10.75 and Allied Irish Bank slipped 35c to 13.75. Among the second liners, Irish Life & Permanent eased 10c to 11.85 while Anglo Irish Bank finished 15c lower at 6.70. First Active remained unchanged at 5.30, despite the announcement that it is to sell its stake in Britannic Money.
Overall the financial index tumbled 245.32 points to 8623.79. The big mover in early trade was the retailer Arnotts whose shares surged 95c to 11.20 after a group of investors revealed that they attempted to take over the company earlier this year.
Travel companies were mixed, with Irish Continental Group adding 12c to 6.90 and Ryanair slipping 13c to 7.40.
The main mover in pharmaceuticals was Galen Holdings, dropping 19c to 8.18. Elan Corporation was more positive, gaining 5c to 2.47 while United Drug was unchanged at 12.20. Other movers were Abbey, up 15c to 4.80, Paddy Power lost 23c to 4.95 and Riverdeep Group closed at 1.50, down 10c.
