Market down on budget day

THE ISEQ index closed down 27.79 points at 2,273.19 yesterday. The main news was the delivery of the supplementary budget by Minister for Finance Brian Lenihan.

He said the economy can recover by balancing the public finances, restoring faith in the banks, increased competitiveness with lower business costs to re-centre the economy to an export focussed one, protecting the jobs we have, and investing in training; and supporting consumer and business confidence.

In the financial sector, the banks mainly had another positive day. AIB progressed 11c to e1.28, Bank of Ireland jumped 11c to e1, Irish Life and Permanent dipped 5c to €1.65, while insurance group FBD weakened 13c to €6.30.