Financials hit as ISEQ plummets

THE Irish market shed a hefty 64.93 points to close at 5167.49. Widespread selling in the financials was the chief cause of the downturn on the day’s trading session.

Drug-maker Elan finished 97c weaker on €18.47. The financials took a battering with investor selloffs cutting the share prices of both AIB and Bank of Ireland down to €11.70 and €9.87, dropping 23c & 10c respectively. The only positive exception was Anglo, which climbed 5c to €12.73.

Concern over rising fuel costs put the brakes on budget airline Ryanair’s progress in leading the sector in terms of market share. This was evident with a decrease of 8c to €4.55, with nearly two million shares traded.