Budget causes stock to fall

The ISEQ reacted negatively to yesterday’s Budget

The financial sector responded to the Budget by declining significantly.

The main loser was Bank of Ireland Plc which lost 52c to 10.43.

Allied Irish Bank Plc also ended the day in negatived territory falling 35c to 13.25. Other financials which fell included Irish LIfe & Permanent Plc losing 15c to 11.60 and First Active Plc dropping 5c to 5.30. IFG fell 5c to 43c. Anglo Irish Bank Plc added 3c to 6.68. The Index of Financial shares fell 256.62 points to 8376.24 points.

A German newspaper reported that Europe’s number two no-frills airline wants to add routes from Niederrhein, Dortmund and Cologne-Bonn. Ryanair Plc closed unchanged at7.70. Sherry Fitzgerald Plc added 5c on the foot of the news of Ireland’s largest real-estate agency’s announcement of the completion of the purchase of their Cork subsidiary.

Other noteworthy movers on a disappointing day for shares included Elan Corporation Plc down 20c to 2.70, Greencore Plc 19c worse off to2.52 and Paddy Power Plc 10c softer to 4.85.

On a positive note, Galen Holdings Plc added 7c to 8.00.