Market slips ahead of budget

SHARES on the Irish market dipped slightly yesterday despite a continued rally from banks stocks.

As all eyes turn to Tuesday’s budget, the ISEQ index followed the trend set by other world bourses in falling 29.38 points to finish the session at 2,300.98.

Ireland’s two largest banks were chief among the movers, with AIB up 15c or 14% to €1.17 while Bank of Ireland added 7.6c to 88.6c. Irish Life and Permanent bucked that trend shedding 4.9c to €1.69.

In construction, CRH shipped a hefty 67c to €16.25 as credit ratings agency Fitch downgraded rival company Holcim, citing deteriorating market conditions. Grafton Group remained relatively stable trading at €2.09, a 1c rise while Kingspan moved on 21.5c to €3.32.

Elsewhere, Aer Lingus advanced 5c to 72c as the company said chief executive Dermot Mannion was stepping down with immediate effect.