ISEQ slips into negative territory

The ISEQ slipped into negative territory this afternoon dropping 1.87 points to 8138.79 and reflecting a bleak outlook across the board this evening.

The financials led the downward spiral with Anglo Irish Bank plummeting by 26c to €12.69, close at its heals falling 15c to 15.15 was Bank of Ireland with AIB dropping 10c to €20.84.

IL&P slowed the pace slightly as it increased 5c to €19.55.

Elsewhere today ISEQ listed exploration company Tullow Oil announced it is to buy Australian resource company Hardman for A$1.1bn (€862m).

The deal works out at A$2.02 (€1.58) per share, 54% higher than Hardman's Friday closing price of A$1.31 (€1.03).

Tullow has also offered a share alternative of just over a fifth of a Tullow share for each Hardman share, up to a maximum of 65 million new Tullow shares.

There were no positive knock on effects on the ISEQ today however and the company slipped slightly by 3c €5.32.