Markets hit by Spanish concerns

Growing concerns over Spanish banks and continued fears surrounding the political vacuum in Greece provided the catalyst for further losses on European markets yesterday.

Spanish 10-year bond yields rose above 6% yesterday for the first time since April.

The ISEQ index, however, managed to buck the trend and add 11.91 points to end the day at 3,118.35.

Bank of Ireland and Irish Life and Permanent were laggards, losing 0.3c and 0.5c to 9.7c and 3.5c. AIB held firm and was 7.3c at the closing bell. Insurer FBD Holdings was down 5c at €8.75.

Construction stocks were mixed with CRH regaining some of its recent losses by tacking on 13.5c to €14.29. Kingspan followed suit and was 3c better off on the day to close at €7.33. Grafton Group bucked the sector trend, shedding 2.1c to €3.19.


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