Iseq sees modest fall in morning's trading

The Iseq index of shares has had a less traumatic morning as compared to yesterday with the stock exchange down only 13.2 points coming up to 11am.

The main fallers come in the construction and financial sectors as the Iseq stands at 7,595.34 by 10.45am.

With the pervading sense of pessimism in the construction sector, the Construction Industry Federation (CIF) has urged the Government to act to restore confidence in the housing market.

That lack of confidence is reflected in the share prices of many of the construction companies. Both Abbey and Kingspan have suffered 22c losses to stand at €7.08 and €15.53 respectively, while CRH slumped 19c to €26.90 and McInerney slipped 14c to €1.29.

The financial institutions all suffered losses apart from the Bank of Ireland who have had a modest six cent increase to €11.86. Irish Life and Permanent are down 11c to €14.48 with Anglo Irish Bank falling 10c to €12. The AIB experienced an eight cent decrease to €16.05.

Elsewhere, Irish Continental, whose independent directors have repeated their backing for an offer from a management group led by chief executive Eamonn Rothwell, have seen their stock fall 20c to €25.

On the positive side, pharmaceutical giant Elan had a 32c rise to €14.73 while Paddy Power flew up 36c to €25.36.