Markets jittery after Moody’s move

Markets across Europe were lower once again yesterday as ratings agency Moody’s downgraded Spanish debt to one level above junk status and as fears grew of further contagion spreading across the eurozone.

The Iseq index was down 16.8 points to 3,006.4.

In the financial sector, Bank of Ireland added 0.1c to 9.2c while Permanent TSB Group gained 0.3c to 2.55c. AIB lost 0.4c to 6.3c with insurance company FBD gaining 3.8c to €8.13. Construction stocks had mixed fortunes with sector leader CRH dropping 15c to €13.65. Grafton Group was unchanged at €2.75, with Kingspan rising 5c to €6.55.

Elsewhere, drinks group C&C advanced 2c to €3.35,pharmaceutical company United Drug was up 1.5c to €2.12 while Ryanair and Kerry Group were among the laggards, declining 4.8c and 51.5c to €3.83 and €34.93 respectively.