Financial shares plummet

THE Irish Index of shares slumped yesterday. The ISEQ closed 156.73 lower to 3838.52 points.

Irish financial shares fell significantly following their European counterparts which were affected by comments by members of the Group of Seven Industrialised nations which highlighted that economies are suffering because of the prospect of a US-led attack on Iraq. Allied Irish Bank fell 30c to €12.10 and Anglo Irish dropped 33c to €6.05. Other banks which closed in negative territory included Irish Life & Permanent down 20c to €11.50, First Active 20c lower to €4.40 and Bank of Ireland off 15c to €9.85. Overall, the Irish Index for Financial shares fell 178.94 to 7808.99 points. The most striking loser on the Irish market yesterday was CRH. The building material producer lost €2.01 to €11.35 after the company announced that some of its US operating companies have been named in litigation concerning exposure to asbestos, which is linked to a variety of diseases, including cancer.

Other notable movers on a poor day for Irish shares included Iona Technologies dropping 32c to 1.98; Kerry Group losing 30c to €13.10; United Drug falling 25c €12.75 and Ryanair 20c lower to €5.65. On a positive note, Donegal Creameries closed 18c higher to €2.30.