Heavy losses in ISEQ index

The ISEQ endured a miserable morning today, dropping 90.27 points to 7,420.44 by 12.15pm.

The financials recovered somewhat from an early morning bruising, with Anglo Irish Bank taking an 8c hit at €12 and AIB sliding 5c to €18.25. Bank of Ireland and Irish Life and Permanent were unchanged at €14.05 and €18.75 respectively.

FBD Holdings took the biggest hit of the day, as almost 2% was wiped of the value of the stock. It plunged 70c to €35.25. Elan also suffered in morning trading, shedding 30c to €13.45. Tullow oil shed 9c to €5.04.

Ryanair shares fell 15c to €6.50 after once again falling foul of the Advertising Standard Authority today. The budget carrier failed to make travel restrictions clear in a promotion for three million free tickets, according to the industry watchdog.

Eircom shares also lost some ground today following recent takeover talks with Babcock & Brown. The telecoms giant lost 5c to go to €2.15.