Recession news sees markets slide

Markets across Europe dropped further yesterday as the eurozone economy officially slipped into recession.

Despite a successful auction on short-term debt by the NTMA the Iseq was no different, closing on 3195.12 — down 38.20 points on the day’s activity.

The Irish financials had a mixed day with AIB closing flat on 5.1c, Bank of Ireland gained 0.02c to finish on 9.2c and Permanent TSB Group lost some ground closing on 2.5c, down 0.05c. Insurer FBD Holdings were also flat, finishing on €9.20.

The construction sector was also rocked by the recessionary news with all losing ground. CRH was off 7c to close at €13.89. Kingspan was worst affected, closing on €7.225 down 0.361c on the day, while Grafton followed suit shedding 3.5c to finish on €3.335.

In other news, Glanbia gave back all of Wednesday’s gains to close on €8, shedding 15.7c on the day’s activity.