Market endures another steep drop

THE ISEQ index plunged 271.81 points to close at 4,414.80 yesterday with news that the US government may be forced to start a rescue of Fannie Mae and Freddie Mac, the biggest providers of financing for US home loans.

The banks dropped significantly with AIB down 86c at €7.35, Bank of Ireland fell 29c to €4.65, Anglo Irish Bank lost 42c to €4.43, while Irish Life & Permanent decreased 42c to end the week at €4.30

In construction, index heavyweight CRH lost 1.01 to €14.51. Kingspan slid 4c to €5.82, while Grafton Group weakened 13c to €2.75.