Market falls on recession fears

Shares in Ireland continued to slide further into the red as renewed EU recession fears emerged following news that eurozone GDP had contracted a further 21.1 points for the second quarter. The Iseq index declined by 21.1 points to 3,171.8.

Financial stocks were weaker overall. In the banking sector, AIB and Bank of Ireland drifted back 0.1c to 5c and 9.5c, with Permanent TSB Group giving up 0.2c to 2.22c. Meanwhile, Irish insurer FBD gave up 5c to €8.40 on the day.

In construction, sector heavyweight CRH shed a further 37c to €14.31 and Kingspan was 26c weaker at €6.80, with Grafton Group bucking the trend advancing 1c to €3.05.