Market down on Moody’s downgrade

THE Irish market fell 34.80 points yesterday to 2,820.70 after global ratings agency, Moody’s, downgraded Ireland’s sovereign debt rating.

The outlook for the country is now described as stable, which means that a further downgrade is equally as likely as an upgrade.

US stocks also slipped back as gains from Halliburton and Boeing were offset after a homebuilder index fell to its lowest point in more than a year.

In the financial sector, AIB fell 3c to 85c. Bank of Ireland dipped 3c to 66c. Irish Life & Permanent shed 1c to €1.58, while insurance company FBD Holdings bucked the trend with a gain of 15c to €6.29.

In the construction sector, CRH dropped 4c to €15.45. Kingspan decreased 17c to €5.74, while Grafton Group slipped back 12.5c to €2.70.


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