Market loses ground on Anglo news

THE ISEQ weakened a further 23.5 points yesterday to end the week at 2,456.22.

The main news of the day was the announcement that the government is to nationalise Anglo Irish bank. In a statement to the stock market this morning, the bank said that the nationalisation move meant that the government’s planned purchase of €1.5bn in preference shares would not now go ahead.

The other financials had a torrid day on the back of the Anglo nationalisation. AIB suffered a 49c loss to close at €1.45, Bank of Ireland fell 15c to 75c, while Irish Life & Permanent dipped 5c to €2.20.