Market down as IL&P plunges

THE ISEQ index fell 29.77 points to 2,876.66 yesterday. Shares in Irish Life and Permanent Group Holdings PLC slumped more than 40% in Dublin trading amid fears that the state will be forced to take a large controlling stake in Ireland’s largest pension and mortgage company when the results of industry-wide stress tests are disclosed later this week.

In the financial sector, AIB dropped 0.5c to 18.5c. Bank of Ireland decreased 1.1c to 24.7c. Irish Life & Permanent declined 33.5c to 70.5c, while insurance company FBD Holdings improved 9c to €7.35.

In the construction sector, CRH fell 23.5c to €16.64. Grafton Group was unchanged at €3.37. Kingspan faded 5.1c to €6.36, while Abbey Group was 5c stronger at €5.20.

In other news, Datalex shares dipped 2c to 24c after it reported pre-tax losses of $2.1m for the year ending December 2010 — an improvement from the losses of $4.5m reported in 2009.