Market continues downward spiral

AT the end of a week which saw the Irish market dip below 5,000 for the first time since January 2004, The ISEQ index fell 69.33 to 4,863.23 yesterday as the financial stocks lost more ground.

British bank Bradford and Bingley fell more than 15% on news of a funding setback. A ripple effect across otherEuropean financial stocks saw AIB and Bank of Ireland shed 38c and 30c to €9.20 and €5.18. Irish Life and Permanent dropped 10.1c to €5.95 and Anglo-Irish followed the downward trend losing 21.8c to €5.45.

In construction, CRH regained further ground adding 96c to finish at €16.62. Kingspan and Grafton fared less well — slipping 24c and 14c to €5.70 and €3.05.