Failure of car bailout bad for market

THE ISEQ index ended yesterday 95.55 points weaker at 2,505.02. The collapse of the US car sector rescue package and the announcement by HBOS of a massive £8 billion hit from bad debts sent markets throughout the world spiralling downwards.

Shares in Irish banks suffered with AIB down 7c to €1.98, Bank of Ireland fell 7c to 88c, Irish Life & Permanent weakened 8c to €1.52, while Anglo Irish bank rallied throughout the afternoon to close flat at 38c.

In construction, British non-residential building activity continues to contract, according to new figures relating to commercial and industrial building activity in. CRH dived €1.10 to €19.48, Kingspan declined 18c to €13.14 while Grafton closed off 8c at €2.07.