Huge losses on Irish Stock Exchange

The value of Irish shares sunk by almost 1.5% in a day of heavy losses on the Irish Stock Exchange today.

The ISEQ index closed down 116.98 points to finishing on 8071.29.

The financials took a heavy hit, with Irish Life & Permanent the worst affected, plummeting 78c to €16.67. Anglo Irish Bank (down 30c to €13.63) and Bank of Ireland (down 31c to €12.61) also failed to inspire. Allied Irish Bank escaped relatively unscathed, shedding just 8c to €17.65.

The biggest loss of the day came for building giant CRH, which plunged a full €1.20 to €29.

Elsewhere in the construction sector, Kingspan fell 29c to €17.31. Grafton (down 15c to €9) and Abbey (down 16c to €9.05) could have done worse in the circumstances.

The other major loss of the day came for business support services company DCC, which fell 63c to €19.27. FBD have also had better days, closing down 32c to €25.80.

There was some good news however, with Icon up 70c to €34.50. Elan was up 12c to €14.38.