ISEQ on back foot

The ISEQ-index slipped 79.77 points this morning at 9840.26 amid disappointment over Independent News and Media's failure to woo shareholders with a €1.8bn bid for Australian publishers APN.

The INM offer was rejected by the shareholders an annual general meeting in Sydney.

The company said only 51% of shareholders voted in favour of the takeover offer, well below the 75% needed for the bid to succeed.

The pessimism at the Irish market was catching as banking big guns right across the trading floor reported major losses in share prices.

The biggest loser among financial heavyweights was Bank of Ireland with losses of 34c by 11:30 this morning at €16.29.

IL&P was also on the back foot dropping 32c at €20.50 while AIB shed 17c off its shares at €22.13.

Anglo Irish also slipped into negative territory dropping 17c at €22.13.