Banks and construction firms take a further hammering

THE banks and construction sector took a further hammering yesterday as the global construction downturn undermined confidence in building companies and banking shares.

In Dublin the financial sector was hardest hit, dragging the ISEQ down 1.81%, as persistent fears about global economic growth and the protracted credit crunch raised serious doubts about future earnings.

However, it was the construction sector in the guise of McInerney Properties which suffered the sharpest share price fall on the day.