ISEQ down almost 2%

The IMF's gloomy assessment of the Irish economy appeared to weigh on market sentiment this morning, with the ISEQ index of Irish shares down 52.65 points or 1.91% to 2,703.38 at 11.15am.

Index majors on the fallers' board included CRH, shedding 47c to 16.07; Ryanair, down 12c to 3.25; Elan Corp, 8c off at 5.10, and Greencore, down 2c to 1.22.

Financial stocks were also in the red, with AIB slipping 6c to 1.80, Bank of Ireland 10c off to also hit 1.80, and Irish Life & Permanent 11c down to 3.05.

Among the risers, Paddy Power notched a 40c rise to 17.10; Kerry Group added 8c to 16.38, and Glanbia was up 3c to 2.45.