Financials hit hard as ISEQ falls 25

The ISEQ index mirrored the trend in London and Europe today as shares slipped 25.80 to end the day at 5,440.39.

Today the European Central Bank announced its key interest rate remained unchanged at 2%.

Financial stocks were hit hard. Bank of Ireland shares dropped 21c to €10.77 while Allied Irish Bank dropped 19c to €12.51.

Anglo-Irish Bank was down 10c to end at €12.75 and Irish Life & Permanent fell 35c to €12.30.

Shares in technology company Iona fell following the announcement of its preliminary results for the second quarter of this year.

Iona said that it would report a net loss for the quarter as revenue fell. Shares in Iona fell 50c to €3.00 today.

Pharmaceutical giant Elan continued to slip back today after massive gains earlier in the week, dropping 21c to €20.48.

Warner Chilcott, formerly known as Galen also saw shares slide, falling 29c to €10.25.

Trinity Biotech, makers of medical diagnostics, dropped 40c to €14.40. Trinity Biotech announced yesterday the US Food and Drug Administration (FDA) has approved a waiver for its HIV test product, opening up the possibility for the kit to be used by almost 200,000 test sites in the US.

Meanwhile another heavy faller today was business support services company DCC. Shares in the company fell 60c to €14.40.