Market drops after Spanish bailout

The Iseq Index plunged 73.68 points yesterday to close at 3,132.32.

The Spanish bailout agreed on Friday did little to appease investors, as fears they may need a full sovereign bailout hit markets. The IMF will stop paying further rescue aid to Greece, making the country’s insolvency in September more likely.

In the financial sector, Bank of Ireland dropped 0.5c to 8.9c. AIB slipped 0.3c to 4.8c. Permanent TSB added 0.3c to 2.5c, while Insurance Group FBD Holdings was unchanged at €7.90.