Market down on US jobs total

THE ISEQ lost more ground to close down 23.16 points at 2,940.5 yesterday.

US employment rose far less than expected in May, with non-farm payrolls increasing by just 54,000, while the unemployment rate rose to 9.1%. This confirmed fears of a marked slowdown in the US economy.

In the financial sector, Bank of Ireland announced more details on its €2.6 billion liability management exercise in which it will offer to buy back Tier 1 and Tier2 subordinated debt securities. Bondholders taking up the offer will receive 10 % of the nominal value of their securities in cash or an equity alternative of 20% of the nominal value. The rights issue will be underwritten by the State at 10c per share. Shares in the bank dropped 2.2c to 14.3c. AIB was unchanged at 18.6c, while Irish Life & Permanent added 0.1c to 9.1c.