Markets down on Schaeuble remark

THE ISEQ index dropped 16.33 points to 2,588.29 yesterday in line with the major European and world bourses.

German finance minister Wolfgang Schaeuble said a European Union meeting on October 23 would adopt a platform to address the region’s financial turmoil, but “we won’t have a definitive solution this weekend,“ he added. His statement negated a stocks rally that had been driven by optimism about progress in solving the eurozone debt crisis.

In the financial sector, a group of investors led by British investment group, Fairfax Financial Holding, has purchased €1.05bn worth of Bank of Ireland’s shares. The shares closed down 0.3c at 9.4c. AIB gained 0.2c to 6c.

Irish Life & Permanent added 0.1c to 3.3c, while insurance group FBD Holdings was 15c stronger at €6.55.

In the construction sector, CRH declined 21c to €12.69, Grafton Group was 6c weaker at €2.84, while Kingspan declined 5c to €6.35.