Market drops on downgrade threat

THE ISEQ dropped 17.99 points to 2,745.89 yesterday.

Markets fell after ratings agency S&P placed 15 eurozone countries on review for negative downgrade, including the region’s two biggest economies, Germany and France. The agency said it would downgrade ratings if no credible plan for the eurozone debt crisis emerged at an EUsummit this week.

In the financial sector, Bank of Ireland gained 0.1c to 9.1c. AIB dipped 0.1c to 6.6c. Irish Life & Permanent slipped 0.3c to 2.7c, while insurance group FBD Holdings remained at €6.50.