Market down as confidence hit

The ISEQ Index dropped 31.37 points yesterday to close at 3,177.53.

European shares edged higher as hopes of action in Europe continued to buoy investor confidence.

In the financial sector, Bank of Ireland gained 0.1c to 10.1c. AIB slipped 0.1c to 5c. Permanent TSB added 0.1c to 2.4c, while Insurance Group FBD Holdings advanced 2.1c to €8.22.

In the construction sector, there has been further press speculation regarding CRH looking at acquiring cement assets from Jaiprakash in India. The latest commentary indicates it is looking to take a 51% stake in 4.8m tonnes of capacity located in Gujarat, with an option to increase this to 75% over two years. Shares in CRH increased 21c to €15.65. Grafton were unchanged at €3.00, while Kingspan remained at €6.55.

In other news, Elan shares fell 80.8c to €8.43 after news that all phase 3 trials on Bapineuzumab are to be discontinued as co-primary endpoints on the non-carrier trial were not met.