Financials hit as the market falls

THE Dublin market suffered significant losses during yesterday’s session as the ISEQ index closed down 165.36 points at 7745.76.

The financial stocks were worst hit as the market reacted to the US Federal Reserve’s cut in interest rates overnight. However, the Fed did stress that this was not expected to be the beginning of a rates cutting cycle.

AIB and Bank of Ireland were down 54c and 59c to €16.70 and €12.15 respectively.