ISEQ down sharply in early trading

The ISEQ index of Irish shares dipped sharply in early trading this morning, shedding 74.39 points or 2.11% to 3,040.81.

Among the fallers was housebuilder McInerney, which earlier reported a first-half loss of €171m. It had lost 2c or 8% to sit at €0.23 at 11.45, having seen losses of up to 30% during the early morning.

Financial shares lost some of the ground gained last week, with AIB down 11c to €2.70; Bank of Ireland falling 29c to €2.42 and Irish Life & Permanent down 15c to €4.45.

The construction sector was also on the back foot, with CRH down 55c to €17.05 and Kingspan down 6c to €6.25. Elsewhere, Paddy Power shed 50c to €19.10; Tullow Oil lost 37c to €12.50; Elan Corp was down 10c to €5.20 and C&C fell 4c to €7.56.