ISEQ down almost 3%

The value of Irish shares slumped by almost 3% today, as the ISEQ index lost 72.09 points to 2,377.65.

In the financial sector, the announcement by Finance Minster that the Government was not considering the nationalisation of Ireland’s major banks led to both Allied Irish Bank and Bank of Ireland both inching up 2c to 88c and 68c respectively. Irish Life & Permanent was down 6c to €2.09.

The construction sector took a heavy hit, with CRH enduring the biggest fall of the day, plummeting €1.16 to €16.54. Kingspan was also in the red, sliding 21c to €3.50.

There was mixed results in the food and drink sector, with Kerry Group gaining 25c to €15.15, although Donegal Creameries shedding 10c to €1.90.

Other significant fallers today included Elan (down 30c to €4.36), Tullow Oil (down 25c to €8.63) and DCC (down 18c to €12.90).

It was not all good news however, with Icon (up 95c to €14.40) and Paddy Power (up 78c to €14.70) doing well.