Market falls in nervous trading

THE ISEQ index dropped a further 3.57 points to 2,881.87 as nervous investors sold off AIB stock after the Government increased it’s stake in the bank to 49.9%.

In the financial sector, Ireland's former leading bank AIB shed 7.9c to 32.1c.

Following an application to the High Court the Government is to pump a further €3.7 billion into the bank to further boost its capital levels ahead of the year end deadline set by the Central Bank.

Meanwhile, Bank of Ireland dropped 0.5c to 34.1c, Irish Life & Permanent was 4.3c weaker at 95c with FBD Holdings climbing 12.8c to 6.428.

In the construction sector, CRH gave up 17c to 15.65. Grafton Group was 1.5c higher at 3.31, with Kingspan falling 3c to 7.30.

Elsewhere, betting company Paddy Power was a leading riser, climbing 47c to 30.80 after it announced that it is to buyout the remaining shares in Sportsbet for AUD132.6m.(€101m). Ryanair added 0.5c to 3.76, while Smurfit Kappa was 7.7c lower at 7.29.