Market continues to lose ground

THE ISEQ index continued its downward trend although the decline was a little more modest than recent days.

The exchange shed a further 12.84 points to 7,185.35.

Financial stocks were mixed with leading bank AIB climbing 15c to €17.50. Bank of Ireland however gave up 8c to €13.15; Anglo-Irish was 10c weaker with Irish Life & Permanent ahead by 10c, finishing at €17.15.

Construction stocks continued to lose ground with CRH shedding 5c to €24.75 as the US Architecture Billings

Index showed its second negative reading in June indicating a possible slowdown in US commercial activity. Kingspan fared worse falling 45c to €12.55, while Grafton closed 5c lower at €9.75.

Elsewhere, Newcourt rose 9c to €1.30 after it announced it is to offer 5.632p a share for Ely Property. Ryanair advanced 13c to €7.33, Fyffes rose 8c to €1.44 while C&C nudged up 5c to €7.50.