Market rally runs out of steam

THE ISEQ index kept its head just above the 3,000 mark yesterday, closing down 31.38 points at 3,005.69.

Markets ran out of steam after the previous day’s rally and were focused on debt talks between Greece and its private creditors. In the US, stocks dipped slightly on the open, after GE and Google results fell short of expectations.

In the financial sector, sales of life and pensions products were down 8% in 2011 according to figures from actuarial consultants, Milliman. This represents three straight years of decline, reflecting the economic downturn.

Irish Life & Permanent was unchanged at 3c. Bank of Ireland gained 0.3c to 10.7c. AIB remained at 6.4c, while insurance group FBD Holdings held at €7.10.

In the construction sector, CRH fell 10c to €16.10. Grafton Group added 3.9c to €2.69, while Kingspan was unmoved at €7.00.

In other news, Greencore delisted from the Irish Stock Exchange with effect from close of business yesterday. Greencore will begin trading on the London Stock Exchange from Monday and will trade in sterling only.

Shares in the company closed down 1.8c at 64.2c.