ISEQ in downward spiral

The ISEQ-index of Irish shares has continued in its downward spiral this morning shedding 82.98 points at 9326.05.

Former state-owned airline Aer Lingus dropped 5.45% of its share price losing 15c at €2.60 while its main rival Ryanair managed to creep up 6c at €4.99.

The no-frills airline was buoyed by news that it has topped a world list for international passengers.

According to new figures from the International Air Transport Association Ryanair carries the highest number of international airline passengers in the world.

The group's latest statistics show that the Irish airline carried just over 40,000 passengers on flights between different countries last year.

Elsewhere shareholders at Independent News and Media are due to vote today on proposals which would impose restrictions on anyone increasing their stake in the company.

The move comes amid a row between the company's chief executive, Tony O'Reilly, and rival businessman Denis O'Brien.

Mr O'Brien recently increased his stake in INM to 8% and criticised the company's board, which he claimed was packed with O'Reilly's cronies.

The uncertainty has caused a drop in the INM share price with a 2c fall to €3.64.

Meanwhile a dark cloud descended over the financial trading floor as all banking big guns made losses this morning.

Among the biggest losers were AIB and Anglo with 45c losses at each group at €20.75 and €15.55 respectively.

Bank of Ireland lost 15c at €15.30 while IL&P slowed the pace slightly with a fall of 6c at €18.74.