Markets slide on gloomy US data

DISAPPOINTING consumer confidence data from the US yesterday, raising concerns about the economic recovery, sent European markets southward. The ISEQ index fell to its lowest level in almost six weeks, finishing 39.21 points lower at 4487.38.

CRH lost further ground, as the weak dollar continued to draw attention to the company’s currency exposure. The stock dropped 28c to €15.32 despite the European Commission clearance for the acquisition of the building materials production division of Dutch firm Cementbouw. Elsewhere within the construction sector, Grafton Group gave up 11c to €4.84, while McInerney gained 10c to €3.70.

The financial stocks were mixed. Allied Irish Bank slipped 7c to €12.65, while Bank of Ireland was unchanged at €10.26. On a positive note, Irish Life & Permanent rose 7c to €11.27, on renewed investor interest.