Market falls in nervous trading

THE ISEQ declined 24.17 points to 2,820.72 after a massive sell-off on the Tokyo stock exchange following the devastation of last week's earthquake.

Some 23.5 trillion yen ($287 billion) was wiped off the Japanese market's value yesterday with investors dumping stocks as the country struggled with aftershocks and attempted to avert nuclear disaster. The selloff triggered record volumes and slashed the market's value to circa 289 trillion yen.

In the financial sector, AIB fell 0.6c to 22.4c. Bank of Ireland progressed 1.2c to 31.2c. Irish Life & Permanent was down 2c at 78c, while insurance company FBD Holdings retreated 14.9c to 7.40.

In the construction sector, CRH decreased 12.5c at 15.18. Grafton gave up 10.3c to 3.40, while Kingspan dropped 4.9c to 6.151.

Elsewhere, Irish Continental posted higher profit for the year ended December 31, 2010, helped by a decline in depreciation and amortisation, employee benefit expense and finance costs. The shares closed 5c up at 17.60.