Market falls on bailout concerns

THE ISEQ closed down 19.67 points at 2,972.92 yesterday.

Worries about plans for a fundamental review of the bailouts given to Europe’s high debtors drove European stocks lower and increased bond yields of troubled eurozone economies.

In the financial sector, AIB added 0.6c to 22.4c. Bank of Ireland fell back 1.4c to 23.2c. Irish Life & Permanent fell 0.8c to 13.2c, while insurance group FBD Holdings weakened 19.9c to €7.10.

In the construction sector, CRH shares were 11.5c down at €16.40, Grafton Group progressed 2c to €3.45, while Kingspan was 2.5c off at €6.37.

In other news, Athlone-based pharmaceutical company Elan has announced that its drug delivery arm, EDT, is to merge with US firm Alkermes in a $960 million deal. Elan will receive $500m in cash plus 31.9 million shares in Alkermes plc (which will have its headquarters in Dublin). The shares closed up 12c at €5.58.