Index tracks downward global trend

The ISEQ index weakened 20.40 points to 2,874.50 in line with European and world markets.

A downgrade of Spain’s credit rating added to worries over the eurozone debt crisis, while an unexpected Chinese trade deficit fuelled global growth concerns. Brent oil prices fell below $114 a barrel on data showing that China posted in February its largest trade deficit in seven years. Elsewhere, the US opened weaker, as higher-than-expected claims of unemployment benefits added to economic concerns.

In the financial sector, AIB declined 1.8c to 23.2c. Bank of Ireland shed 0.7c to 30.1c. Irish Life & Permanent gave up 0.2c to 79.8c, while insurance company FBD Holdings decreased 5c to 7.55.