ISEQ in the black

The ISEQ index of Irish shares has begun the week on the back foot down 37.60 points at 9681.15.

The only encouraging performance this morning was produced by Independent News and Media who announced its participation in a €2.3bn takeover of Australasian media group APN.

APN News and Media Ltd is the largest operator of regional newspapers, radio broadcasting and outdoor advertising in Australasia with online operations in Australia and New Zealand.

On completion of the transaction, INM will hold a 35% economic interest in the consortium involved in the deal, holding the largest voting interest (c. 39.3%).

Independent shares were up 4c at €3.34.

Elsewhere a veil of doom descended on the financial sector as the major heavyweights all reported losses this morning.

IL&P, the biggest loser fell 30c at €21.70, Bank of Ireland fell 20c at €17.70 while AIB slipped 17c at €23.08.

Anglo Irish lost 6c at €16.