Market down as shares sold off

THE ISEQ index closed down 70.43 points yesterday at 2,866.69. It had a solid gain throughout the morning before sliding back in the afternoon on the back of weak world markets and some shares sales.

The main banks received a boost from news that the NAMA legislation has passed a major hurdle, namely the committee stage.

In the financial sector, the main banks performed strongly throughout the morning session before fading. AIB closed down 8c at €1.87 having been as high as €2.12. Bank of Ireland slipped 13c to €1.70, Irish Life & Permanent declined 17c to €4.93, while insurance group FBD Holdings decreased 12c to €6.66.