ESB move weighs on banking sector

SHARES in Dublin continued the recent downward trend. Despite Tuesday's brief respite, the ISEQ was hit for 37.00 points, to close at 6043.78, with the banks doing most to weigh on the index.

The financial sector fell as investors digested the mid-afternoon news that the ESB has sold its nationwide network of retail outlets to British bank HBOS for €120 million. Giants AIB and Bank of Ireland dropped 9c and 22c respectively while Irish Life & Permanent was weaker by 50c, to close at 13.80.

Also in focus was Independent News & Media. The company closed level at 2.29 after posting a healthy set of year-end results. Elsewhere, bookmaker Paddy Power raced 15c ahead to 14.15. On the downside, Elan shed 22c to 5.45. News the FDA has suspended clinical trials of an experimental MS drug did little to help.