Market falls as investors lose faith

THE ISEQ index fell 30.15 points yesterday to close at 2,711.14 in line with other European and world bourses.

Investor confidence dropped following last week’sEuropean fiscal pact and the lack of direction from the ECB. Ratings agency Moody’s said it will review EU sovereigns in the first quarter, as last week’s EU summit failed to produce decisive policy measures.

In the financial sector, Bank of Ireland slipped 0.6c to 8.7c. AIB advanced 0.1c to 7.8c. Irish Life & Permanent was 0.1c better at 2.8c, while insurance group FBDHoldings remained at €6.50.

In the construction sector, figures released by the Polish cement industry show sales volumes increased by 17% year-on-year in November, which compares to 5% in October and 10% in the third quarter. CRH, which is the primary building materials company in Poland, dropped 15c to €13.35. Grafton Group gained 2c to €2.52, while Kingspan dipped 2c to €6.70.