ISEQ in the red

The ISEQ index of shares fell back from yesterday's gains, losing 29.70 points to close at 7351.81.

The financials had a large part to play in the slump as Anglo Irish was the only bank to see its stock rise, a modest 5c increase to €11.45. Bank of Ireland had the largest fall of 36c to €13.64 with AIB down 16c to €18.14 and Irish Life & Permanent down 10c to €18.40.

The largest faller today was FBD Holdings, the insurance provider tumbling 60c to €34.20. Farmer Business Developments plc has announced that it has today disposed of 4.5 million shares in FBD Holdings plc for a consideration of €153m.

The transaction was effected via a placing on the Irish Stock Exchange.

Following the transaction, Farmer Business Developments plc maintains its position as the largest shareholder in FBD Holdings plc, with a holding of 8.5 million shares, representing 24.8% of the issued share capital.

It said it is committed to remain as a strategic long-term investor in FBD Holdings plc.