Market dips in low-key trading

THE ISEQ ended the week at 2,741.30, down 10.70 points on the day in relatively quiet trading.

Bond market traders said the European Central Bank (ECB) bought several relatively small quantities of Portuguese and Irish bonds on Thursday and was back in the market on Friday, bringing down the risk premium on all peripheral countries' bonds over safe-haven German 10-year Bunds.

In the financial sector, AIB tacked on 0.3c to 34.3c. Bank of Ireland dipped 0.1c to 32.1c. Irish Life & Permanent declined 5.1c to 98.9c, while insurance group FBD Holdings fell back 6c to 5.85.

In the construction sector, Euroconstruct has released its latest half-yearly report on the prospects for the European construction sector.

The latest forecasts indicate that total construction output in Europe will decline by 0.1% in 2011. CRH fell 8c to 14.77. Grafton Group shed 1.4c to 2.89, while Kingspan was unchanged at 6.40.