Market in further retreat

THE ISEQ index fell a further 26.45 points to 2,685.49 yesterday. Figures from the CSO showed that Irish GDP fell sharply in the second quarter, while Irish bond yields soared to new highs.

The Irish 10-year bond yield rose 16 basis points to 6.58% compared to Germany’s 2.3%.

In the financial sector, bank shares were again weak as sovereign and budget worries continue to dominate. Bank of Ireland fell 3.5c to 60c. AIB declined 3.3c to 56.3c. Irish Life & Permanent gave up 6.8.c to €1.38, while insurance group FBD gained 0.3c to €6.44.