Market down on low volumes

THE Irish market closed 22.49 points weaker yesterday at 3,048.22 on weak trading volumes.

European stockmarkets edged higher during morning trading on optimism over global growth, while beleaguered oil company BP recovered on hopes that its dividend might be deferred rather than cut as it continued battling an oil disaster in the Gulf of Mexico.

In the financial sector, Bank of Ireland progressed 2.3c to 79.8c. AIB shed 0.2c to 89.8c. Irish Life & Permanent fell 4.1c to €1.60, while insurance company FBD Holdings fell back to €6.42, after a drop of 2.4c.