Market dives over US bailout fears

THE ISEQ index finished down a whopping 493.25 points at 3,291.52 as fears that the $700bn US rescue package has been so diluted as to fail to give the confidence boost it had promised last week.

The nationalisation of Bradford & Bingley in England and Fortis in Belgium also contributed to the freefall as investors diversified into bonds and other safer commodities.

In the financial sector, AIB plunged €1 to €5, Bank of Ireland dived 83c to €3.27, Irish Life & Permanent plummeted €2.18 to €3.57, while Anglo Irish Bank relinquished €1.98 to €2.30.

In the construction sector, CRH weakened badly to €15.37, a fall of 1.58, Kingspan lost 40c to €6.15, while Grafton fell 30c to €3.15.