Construction sector takes beating on ISEQ index

The value of Irish shares slumped by 1.6% at the close of trading today, as the ISEQ index lost 104 points to finish at 6415.12.

The financials generally followed the general downward movement, with Irish Life & Permanent worst hit, falling 36c to €10.76. Bank of Ireland was down 21c to €9.35, with Allied Irish Banks falling 18c to €13.60. Anglo Irish Bank bucked the trend, inching up 4c to €9.42.

It was the construction sector that was hardest hit, however. CRH plummeted a full €1 to €24.65. Kingspan endured a 43c slide to €8.98, with Grafton falling 18c to €5.37.

The food and drink sector enjoyed some modest gains however. Iaws was up 22c to €13.37, with Kerry Group advancing 12c to €20.72.

The news was grim elsewhere on the Exchange however. Irish Continental Group fell a massive 81c to €25.10, with Paddy Power not far behind (down 75c to €21.15).

Tullow Oil fell 22c to €8.07, with Ryanair down 14c to €3.16.