Market records small decline

The Iseq Index closed yesterday slightly in the red having remained relatively flat throughout the day. The exchange fell 8.56 points to 4,072.38.

The IMF has distanced itself from comments made by former chief of mission to Ireland Professor Ashoka Mody that a significant reduction in austerity for Ireland was needed, saying that his views do not represent the fund’s position.

In the financial sector bank stocks were all weaker. AIB dropped 0.3c to 5.2c, Bank of Ireland lost 0.2c to 16.5c while Permanent TSB Group declined by 0.1c to 2.7c.

Meanwhile, insurer FBD Holdings gave up 5c to €15.45.

€Elsewhere, exploration company Providence Resources shed 58.1c or 9.48% to €5.55 on the day after it was announced that the well it had been probing in the Southern Porcupine basin off the west coast is to be abandoned.