Banking shares slide lower

SHARES on the Irish market declined yesterday with a 16.85 point fall to close at 4042.80.

Banking shares followed their UK peers lower. Allied Irish Bank closed 5c off at 12.85 with Bank of Ireland 20c lower at 9.80. Irish Life and Permanent finished 14c weaker at 10.57, following a statement saying stock market declines will cut earnings this year by as much as €95million. Anglo Irish Bank lost 11c to 6.52 while First Active eased 5c to 5.35. Overall the ISEQ Financial Index was 95.07 points lower at 7968.11.

CRH put in a solid day returning a 51c gain to 12.50. This gain was due to optimism that the number of construction starts of new homes in the US rose last month. Food stocks were, for the most part positive. Fyffes added 2c to 1.25 with 11.29 million shares traded. Greencore also put on 2c to 2.70 while Glanbia added 3c to 1.50. IAWS gained 10c to 7.60. Kerry Group lost ground with a 18c fall to 12.55.