Financials drag ISEQ down

The ISEQ index of Irish shares has dropped 47.60 points to 9531.30 by 11.49am today, following a lack of confidence in the financial sector.

Anglo Irish Bank, despite today’s announcement of pre-tax profits of €552m for six months, was the main faller, plummeting 48c to €16.40. Irish Life & Permanent continued its recent decline, slipping 19c to €19.25. There were smaller losses for Allied Irish Bank (down 6c to €22.20) and Bank of Ireland (down 5c €15.94), who escaped relatively unscathed.

There was not much movement in the market overall, with Paddy Power (up 23c to €20.90) and Kerry Group (up 10c to €21.90) the only gains of any significance.

CRH had a poor morning’s trading, falling 29c to €34.05.