ISEQ ends week in negative territory

The ISEQ index of Irish shares ended the day with losses of 68.52 points closing the week's trading at 8225.81.

Most of the financial heavy weights also ended the week in negative territory as AIB fell by 35c to €20.70, Anglo Irish Bank and Bank of Ireland also lost out, both falling 15c to €14.20 and €16.05 respectively.

IL&P managed to overcome the doom and gloom with an 8c increase to €19.08.

Elsewhere Aer Lingus staved off major losses on the ISEQ as it announced plans to cut costs by pushing for more flexible working arrangements as the airline moved again to ward off Ryanair’s hostile takeover bid.

Management insisted jobs would not be axed without agreement from workers.

The news has encouraged those who oppose a Ryanair takeover but only had a minor effect on the company's shares as they fell by 1c to €2.72.