Banking stocks drag market down

THE Irish market lost yet more ground yesterday as the Bank of Ireland share price plunged below €1 for the first time in a trend that was seen across the financial sector. The ISEQ index shed 103.24 points to close at 2,570.58.

Another bad day played out for the financials as the pressure continues to increase on Irish banks to declare their intentions on recapitalisation. Bank of Ireland plummeted 25.5c to finish the day at 83c. AIB and Anglo-Irish followed suit, shipping 30c and 17.9c to €2.65 and €1.11. Irish Life and Permanent was a minor positive mover, tacking on 1c to €1.56.

In construction, CRH and Grafton lost 36c and 11c to €17.64 and €2.45. Kingspan fell 42.4c to €3.27, as the company said it expected operating profit to be as much as 33% lower for the full year.