Market slips as interest rates cut

The Iseq Index slipped 3.72 points yesterday to close at 3,214.67. The ECB cut interest rates by a quarter point to 0.75%, in line with market expectations.

The Bank of England announced €62bn of quantitative easing but kept its interest rate on hold at 0.5%. There was high demand for the three-month treasury bills issued by the NTMA yesterday. The yield of 1.8% was slightly better than expected.

In the financial sector, Bank of Ireland slipped 0.4c to 9.9c. AIB was unchanged at 7c. Permanent TSB fell 0.1c to 2.1c, while Insurance Group FBD Holdings dipped 4c to €8.19.

In the construction sector, CRH dropped 32c to €15.21. Grafton remained at €2.90, while Kingspan gained 0.3c to €6.77.

Shares in Aer Lingus closed up 2.9c at €1.06.