Financial sector hit by results

CREDIT Suisse Group delivered a further confidence blow to the financial sector with worse than expected first quarter losses as subprime write downs hit home.

The ISEQ index was dragged 52.12 points lower to 6,091.87, as bank stocks lagged.

AIB and Bank of Ireland shed 7c and 9c to €13.07 and €8.89, while Irish life and Permanent followed suit losing 26c to €10.84. Anglo-Irish was the only bright spot remaining stable at €7.80.

It was another weak day for the construction sector as CRH dropped 11c to €23.24. Grafton Group and Kingspan fell 24c and 51c to €5.20 and €7.54.