Financial shares flounder

THE Irish Index of shares fell yesterday. The ISEQ closed 50.39 lower to 3875.96 points.

Irish financial shares performed poorly led by Irish Life & Permanent which lost 51c to €11.64.

Other banks which closed in negative territory included Anglo Irish Bank down 13c to €6.12, Allied Irish Bank 7c lower to €12.43 and Bank of Ireland off 5c to €10.15. Overall the Irish Index for Financial shares fell 86.26 to 8008.79 points.

The pharmaceutical sector advanced marginally with Elan Corporation Plc continuing its volatile pattern closing up 10c to €1.60. Galen finished the day 7c higher to €6.07.

Elsewhere, on a difficult day for Irish shares, the building materials company Heiton Holdings fell 15c to €2.05. Other fallers included DCC down 50c to €9.20, Kerry Group off 32c to €12.83, Ryanair 22c lower to €5.83 and Arnotts which lost 15c to €9.85. CRH fell 20c to €11.25.