Market down on banking fallout

THE Irish market recorded yet another loss yesterday as the international perception of the banking sector took a hammering during the week.

Bank stocks were again among the laggards, as international ratings agencies Moody’s, Fitch and Standard and Poor’s all downgraded AIB and Bank of Ireland’s ratings. The ISEQ index lost 15.06 points to 2,344.47.

AIB closed out the week with a 24% loss in its share price yesterday, down 24.5c to 68c. Bank of Ireland also traded weaker, slipping 3c to 48c. Irish Life and Permanent followed the trend giving up 7c to €1.58 despite attempting to clarify its position in relation to recent revelations of deposits made with Anglo-Irish.