ISEQ tumble continues

Predictions of another interest rate increase from the European Central Bank worsened the crisis of confidence in the Irish Stock Exchange.

The ISEQ index had further plummeted by 119.08 points to 9596.91 by midday, following heavy losses yesterday.

The financial sector reflected this overall trend, with Allied Irish Bank the worst affected, sliding 48c to €21.31. Bank of Ireland and Irish Life & Permanent both lost 34c to €15.17 and €19.39 respectively. Anglo Irish Bank fared little better, losing 34 to drop to €17.05.

The construction sector has again failed to perform. Kingspan was the biggest victim, slumping 29c to €21.56. Grafton (down 15c to €11.35) and CRH (down 12c to €36.38) were holding relatively steady.

The food and drink sector took another hit, with Kerry Group down 30c to €21.50. IAWS lost 17c to €17.53, with C&C dropping again, his time down 15c to €11.75.

The biggest loss of the day however came for FBD, who sunk almost 10%, down €3.75 to €35.75.

The fact that Elan (up 7c to €14.23) said much about the mood on the Exchange.