Financials put brakes on market rally

THE Irish market hit a slump yesterday after recent positive momentum, the ISEQ Index dropped 29.78 points to 5677.70. The main catalyst of this downturn points to a decline in the financials.

Anglo-Irish was worst hit on the day with the bank shedding 30c to €15.00. Bank of Ireland followed suit, easing to €11.04. AIB lost 4c to close at €13.85 while Irish Life and Permanent slipped to €13.16, off the pace by 21c.

Pharmaceutical Company Elan had a positive day with a jump of 43c to €18.81. Budget Carrier Ryanair looked lack-lustre with little company news at present, they lost 11c to €3.87. Food group C&C lost value at €2.30.