Markets drop as crisis fears grow

The Iseq index fell 41.54 points yesterday, to close at 3,062.02.

Markets fell as investor sentiment was hit by rising Italian and Spanish bond yields and the possibility that the European debt crisis will continue to spread.

In the financial sector, the Financial Regulator has indicated in a German newspaper that over the medium term, the Irish banks will need to generate an additional €3bn-4bn in capital to meet stricter international regulations. Bank of Ireland added 0.2c to 8.9c. AIB gained 0.1c to 6.5c, while Irish Life & Permanent slipped 0.4c to 2.6c.

In the construction sector, according to the news wires, the US House-Senate conferees should post a draft version of the highways bill next week. The Senate proposed a two-year bill, while the House sought a 90-day extension. The current extension for the highway bills lapses at the end of June. CRH dropped 47.5c to €13.60. Grafton dipped 5.8c to €2.762, while Kingspan fell 7.1c to €6.885.

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