Market down as Anglo downgraded

THE ISEQ index yesterday dipped 15.89 points to 2,682.94.

Global credit ratings agency Moody’s downgraded its ratings on Anglo Irish Bank, cutting its unguaranteed senior debt to Baa3 – just one level above junk status. Markets worldwide were also weaker as Wall Street fell back after four weeks of gains.

In the financial sector, Bank of Ireland slid 1.2c to 57.8c. AIB fell 0.3c to 53c. Irish Life & Permanent dropped 3c to €1.40, while insurance group FBD bucked the trend with a gain of 2c to €6.66.

In the construction sector, CRH fell back 13.5c to €12.45. Kingspan was 13.3c weaker at €5.76, while Grafton Group added 1c to €2.95.

In other news, revenues at Irish-Swiss bakery group, Aryzta, fell 8.6% in its full year to the end of July last. The company cited weak consumer spending across its markets as the main reason for the drop in revenue. The shares closed down 38.5c at €33.61.