Market slips after credit demotion

THE ISEQ index closed down 65.51 points at 2,866.77 yesterday after ratings agency Standard and Poor’s said that it has cut its long-term sovereign credit rating on Ireland to AA from AA+.

In the financial sector, the main stocks were weak throughout the morning before rallying somewhat during the afternoon. AIB dropped 11c to €1.99, Bank of Ireland weakened 12c to €1.92, Irish life & Permanent bucked the trend progressing 18c to €3.73, while insurance group FBD declined 16c to €7.74.

In the construction sector, CRH fell 30c to €17.05, Kingspan lost 16c to €4.70, while Grafton Group decreased 7c to €2.93.