Financials again erode market value

THE ISEQ index endured another poor day yesterday with financial stocks leading the way down.

The continued poor performance of the main banks has led to increasing calls for immediate action from the Government to recapitalise the banks as confidence collapses. The index closed at 2,450.19, a fall of 120.39 points.

FBD plunged €2.85 to €8.50 as the company stated in an interim statement that its full year earnings per share will be 10% behind previous forecasts. AIB finished the day at €2.18, down 47c, Bank of Ireland was more stable at 0.93, up 10c, Anglo Irish Bank dived 28c to 83c while Irish Life & Permanent fell 6c to €1.50.