Falling ISEQ bucks European trend

THE major European markets rallied yesterday in afternoon trading, with the FTSE, CAC and DAX all gaining about 1%. However, the ISEQ index lost ground, declining 22.89 points to 3931.70. Volumes in Dublin were extremely light with geopolitical concerns sidelining investors.

First Active lost 3.5% to 5.45 as speculation about a merger with Irish Life and Permanent weakened. First Active’s life and pensions business, which was put out for tender, has been outsourced to Friends Provident. If given to IL&P, takeover speculation would have strengthened.