Market declines on Lehman news

IRISH shares followed European stock markets lower and continued its steep fall after record declines on Wall Street on Friday.

The ISEQ plunged 168.26 points to 5,638.58 as Wall Street bank Lehman Brothers announced it lost $2.8bn in the second quarter.

The banking sector had another torrid day with AIB down 39c at €11.65, Bank of Ireland dropped 25c to €6.75, Anglo Irish Bank shot down 37c to €7.13 while Irish Life & Permanent lost 56c to rest at €9.50. In construction, index heavyweight CRH had a dismal day falling 97c to €21.35.