Market dives after broker report

THE ISEQ index plunged a further 134.11 yesterday to finish at 5,075.36 as banking shares plummeted on a broker’s downgrade.

The global financial analysts and ratings agency, Standard and Poor, downgraded Irish Life and Permanent’s long-term credit rating from A+ to A which lead to them falling 38c to 6.23. The other banks followed suit with AIB down 30c to 9.50, Bank of Ireland fell 12c to 5.40 and Anglo Irish Bank fell 13c to 5.82.

In the construction sector, index heavyweight CRH plummeted 1.39 to 17.31. Kingspan lost 19c to 5.98, while Grafton declined 16c to 3.54.