ISEQ down as market awaits banks announcement

The ISEQ index of Irish shares dipped 20.27 points to 3,127.34 as investors nervously awaited this afternoon’s announcement regarding a bailout for Irish banks.

Allied Irish Banks, which many anticipate will be effectively nationalised, lost more that 18% of its value, plunging 25c to €1.12. Bank of Ireland also saw a loss, down 3c to €1.22. Irish Life and Permanent bucked the trend somewhat, gaining 1c to €2.90.

Glanbia showed the other major decline of the day, slipping 11c to €3.

There were some good gains however, including the construction sector. Grafton Group gained 17c to €3.27. Kingspan enjoyed a 10c gain to €6.35.

Elsewhere, both Irish Continental Group and Smurfit Kappa also enjoyed 10c improvements to €15.70 and €6.24 respectively.

DCC enjoyed the biggest gain of the morning so far, climbing 33c to €19.20.