Market falls on US fears

THE ISEQ index closed down 144.31 points to 2,495.55 yesterday as banking shares fell in line with other world markets.

Citigroup’s shares tumbled on Wall Street as investors and analysts worried about whether the bank can be profitable and function effectively as it unravels its business model.

Irish financials were very weak. AIB dropped 24c to €2.02, Bank of Ireland fell 9c to 86c, Irish Life & Permanent dived 39c to €2.18 while Anglo Irish Bank plunged 10c to 23c.

The construction stocks also had a poor day. CRH plummeted €1.30 to €17.35. Shares in Grafton, which has builders merchants and plumbing supplies chains in Britain, fell 13c to €2.07.

Elsewhere, Ryanair gave up some of its recent gains down 12c at €3.25. Elan fell 21c to €5.86.