Market recedes after Monday gains

THE ISEQ index yesterday dropped back 20.44 points to 2,795.04 after Monday’s strong gains. European markets were nervous as investors worried over the strength of the economic recovery ahead of key German data.

Investors will be looking to data from the German ZEW index for September, and US retail sales in August to gauge the strength of the economic recovery.

In the financial sector, Bank of Ireland dipped 2.9c to 69c. Allied Irish Banks lost 3.6c to 74.7c. Irish Life & Permanent declined 4c to €1.65, while insurance Group FBD Holdings had a small gain of 0.9c to €6.75.

In the construction sector, CRH weakened 25c to €13.20. Kingspan increased 3.6c to €5.55, while Grafton Group gave up 2.6c to €2.90.

In other news, Athlone pharmaceutical Elan gained 9.7c to €3.68. Ryanair Holdings added 2.5c to €4.01. Smurfit Kappa advanced 10.3c to €7.77, while Paddy Power decreased 75c to end the session at €26.80.


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