Financials lead retreat
Bank of Ireland fell 25c to 10.60 while Irish Life and Permanent fell 20c to 12.00. Allied Irish Bank slipped a cent to 12.25 with Anglo Irish Bank 15c lower at 5.98.
Overall the ISEQ Financial index finished some 113.17 points lower at 8111.50
It also proved to be a poor day for the industrial sector with CRH 35c down at 14.20 and Kingspan 5c weaker at 1.85. Independent News and Media was a cent softer at 1.58.
This negative trend was mirrored in the food sector with Greencore and Glanbia 2c lower at 2.88 and 1.63 respectively. IAWS was 5c weaker at 7.70.
On a more positive note, low fares airline Ryanair continued on its upward trend with a 7c gain to 5.60, McInerney closed up 14c to 2.29 and Grafton added 5c to 3.85.
THE London market closed at near-six year lows yesterday, as another swathe of poor economic data hit shares.
By the close of trading the FTSE 100 Index was down 51.9 points at 3813.5 and adding to yesterday’s 4% fall which had pushed it to an eight-week low. The market is now close to its July nadir when shares plunged to a six-year closing low of 3777.1.
A weak opening on Wall Street contributed to the downbeat mood, as poor economic news, profit declines and continued worries about a US attack on Iraq hit investor confidence.
Among US announcements hitting shares were lower-than-expected figures from broker Morgan Stanley and a third-quarter profit warning by Electronic Data Systems. In addition, disappointing British data added to the gloom, after a report showed the manufacturing industry remained in the doldrums.
In London, a swathe of heavyweight companies slumped, with telecoms, oil, financials and defence stocks among those hit.
BAE Systems fell a hefty 27p to 173p while GKN slid 8p at 249p.
Oil groups also slid back despite OPEC’s decision to support the oil price by maintaining restrictions on production. BP slipped 2p to 433p while Shell was down 4p at 383p.
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