World bourses in reverse gear

THE ISEQ index weakened 48.39 points to 2,444.52 yesterday in line with world markets.

Investors tensely awaited information coming out of a two-day US Federal Reserve meeting, which concluded late last night, while the European debt crisis continues to weigh on sentiment.

In the financial sector, Bank of Ireland shed 0.1c to 7c. AIB fell 0.2c to 4.3c. Irish Life & Permanent was unchanged at 2c, while insurance group FBD Holdings was another non-mover, closing at €6.40.

In the construction sector, shares in CRH fell 55.5c to €11.18 as investors attempt to predict what the US government will spend on highways this year and next. Following last week’s passing of a further six-month extension for the highways programme, the next step is for the 2012 budget to be agreed. Elsewhere, Grafton fell 7c to €2.68, while Kingspan slipped 7.5c to €6.15.