Iseq slumps as world markets rally

The Iseq Index lost ground yesterday after finishing the previous week strongly as world markets responded well to aggressive moves by the US Federal Reserve to tackle unemployment.

The Irish exchange finished the day 21.59 points weaker at 3,281.54.

A mixed day in the financial sector saw AIB climbing 0.1c to 5.9c, Bank of Ireland dropping 0.2c to 9.9c, while Permanent TSB Group was unchanged at 2.5c. Meanwhile insurer FBD Holdings was weaker by 2.5c to €9.325.

The construction sector also saw a decline with all main constituents falling into the red. Heavyweight CRH fell back by 245c to €15.46, Kingspan shed 9.3c to €8.107, while Grafton Group gave up 5.4c to €3.395.

Elsewhere, pharmaceutical firm United Drug slipped by 4.1c to €2.771, low-cost carrier Ryanair lost 4.5c to €4.299 with Irish Continental Group among the few stocks finishing the session in positive territory with a gain of 4c to €18.