Market down on bailout reaction

THE ISEQ began the week with a fall of 41.74 points to 2,756.73, as concerns regarding the eurozone’s banks and sovereign debt continue to grow, despite Ireland agreeing to a bailout.

The main financial stocks endured a tough day. Ratings agency Moody’s said that it will inevitably downgrade Irish sovereign and bank debt by several notches once it has more details of the EU/IMF’s plan for Ireland and its banks. AIB fell 2.7c to 40.8c. Bank of Ireland weakened 9.2c to 38.9c. Irish Life & Permanent plunged 31c to 84c, while FBD Holdings decreased 20.1c to €5.86.

In the construction sector, building materials giant CRH dipped 3.5c to €14.80. Kingspan shed 5.5c to €6.29, while Grafton Group gave up 6.5c to €3.07.