Market dips despite banks’ rally

The ISEQ index commenced the new week with a decline of 11.50 points to 2,655.30.

The €85 billion bailout plan that includes a recapitalisation of the banks sent the ISEQ higher during morning trading before the rally petered out towards the end of the day. In the financial sector, AIB added 1.3c to 35.5c. Bank of Ireland tacked on 4.3c to 30.7c. Irish Life & Permanent which has no ‘bad loans’ in the National Asset Management Agency (NAMA) saw it’s shares soar 30.5c to 81.9c. Insurance group FBD Holdings bucked the trend with a fall of 10.1c to 5.85.

In the construction sector, CRH decreased 50c to 13.60. Kingspan dropped 23.4c to 5.901. Grafton Group shed 2.7c to 2.893, while Abbey Plc was unchanged at 4.50.