Market falls in line with peers

THE ISEQ closed down 3.89 points at 2,821.28 yesterday, in line with other European and world bourses.

It is becoming increasingly unlikely that an agreement will be reached on the US debt crisis by the August 2 deadline. Ratings agency Moody’s has put Spanish debt on review for potential downgrade, saying any change would likely be only by one notch. The euro came under more pressure as investors sought safer havens and the escalating US and European debt crisis affected market sentiment.

In the financial sector, AIB slipped 0.4c to 10c. Bank of Ireland dropped 0.4c to 10.5c. Irish Life & Permanent gained 0.1c to 4.8c, while insurance group FBD added 0.5c to €6.89.

In the construction sector, the board of McInerney Holdings resigned after a proposal to put the company in to voluntary liquidation was thrown out by shareholders at an EGM vote. The company delisted from the ISEQ in November 2010. CRH advanced 6c to €13.70, Grafton Group dipped 5.5c to €2.91, while Kingspan was 1c better at €7.