Dublin market reacts to Dubai news

THE Dublin market mirrored major losses right across all European Bourses as investors sought cover from any fallout arising from Dubai’s debt restructuring. The ISEQ index dropped back 72.04 points to 2801.16 on light trading volumes.

The Irish banks had a mixed day but did manage to avoid more serious losses sustained by their British counterparts. AIB and Bank of Ireland shed 13.1c and 3.6c respectively to 1.60 and 1.67. Irish Life and Permanent bucked the trend, posting a gain of 7.6c to 3.50.

Heavyweight CRH dropped 49.5c to 16.855 while Grafton Group fell 15.5c to 3.095. Kingspan continued the slide by losing 4c to 5.75.