ISEQ fails to escape oil price fears

Oil price fears stalking world markets has brought the ISEQ 20.09 points down to 6461.63 by the end of the day’s trading today.

Soaring energy costs continued to haunt world markets after the price of crude oil surged to another new high of $60.65 on the New York Mercantile Exchange.

Banking shares were mixed with shares in Allied Irish Bank and Irish Life and Permanent rising. AIB’s price surged by 15c to € 17.97 as the market reacted to weekend news that Eureko, which owns Friends First in Ireland, has tabled a €500m offer for AIB's life operation, Ark Life.

Irish Life & Permanent shares climbed 5c to €14.35.

However, Bank of Ireland shares tumbled 10c lower to €12.98 while Anglo Irish Bank shares slipped a cent to €9.97.

Construction firms fared badly today with both CRH and Grafton seeing their shares fall by double digits today. CRH saw their share price slip 13c to €21.57 while Grafton fell by 16c to €9.34.

Earlier today, Grafton announced it had completed a $325m (€488m) private placement with a group of US investors. The proceeds have been converted into sterling and will be used principally to refinance the Group and for general corporate purposes.

However, the largest faller of the day was Donegal Creameries who saw their share price slide 28c to €4.12. Ryanair continued the negative feeling with a 11c fall to €6.36.

In the positive side, FBD shares soared 60c to €25.85.