Financials find no relief

THE ISEQ Index closed weaker again yesterday with a 121.95 point decline to 4336.91.

Overall 40 stocks fell, three gained and 20 remained unchanged.

The financial sector had another tough day with Allied Irish Bank falling 24c to 12.91. Bank of Ireland slipped 20c to 11.10 while Irish Life and Permanent weakened by 33c to 13.72. Other fallers included Anglo down 20c to 6.20 and First Active off a cent at 4.65. The ISEQ Financial index itself was 286.10 points weaker at 8477.24.

Kingspan, one of the few stocks in positive territory, added to gains from the previous session with a 5c rise to 2.12. This followed the company’s trading statement which stated first-half results are expected to be in line with market estimates.

Following the lowering of Elan’s debt ratings by Moody’s on Wednesday, the stock was again under pressure. In Dublin the stock closed at 1.72, an 8c slip while in New York the stock was 11 cents weaker at $1.54.