US recession fears dominate market

AN early morning rebound yesterday was quickly reversed as fears surrounding the US economy and the possibility of a recession there heightened. The ISEQ index lost 134.10 to close at 9,274.58.

The banking sector was hit heavily mirroring losses by its European and global counterparts. AIB fell 60c to €21.65 while Bank of Ireland slipped 55c to €16.70. Anglo Irish and Irish Life & Permanent both closed lighter, down 35c and 42c.

CRH suffered due to its exposure in the lagging US housing market, falling 19c to €31.36. Grafton reported a strong set of final results but lost 12c to €11.80. Kingspan bucked the trend, up 26c at €20.86.