Iseq slides as weak financials weigh

The Irish Index of shares slipped today as European financial stocks took a hit.

Equities were driven lower on economic concerns, while gloom about Britain's downturn knocked sterling to a 12-year low.

At 2.17pm, the Iseq was down 70 points to 4,424, weighed down by Irish financials AIB, Anglo Irish and Irish Life & Permanent.

After losing for most of the morning, AIB was down 1 per cent at 2.30pm to €8.60. Anglo Irish was down 19 cent, or 3 per cent, to €5.76, while Irish life and Permanent lost 0.6 per cent to €6.31.

Starting the day in negative territory, Bank of Ireland managed to turn it around to gain 0.5 per cent, or 3 cent, by 2.30pm.

Meanwhile, DCC announced that it had completed the acquisition of Chevron, announced last month. Its share price slipped 17 cent to €16.32 by 2.30pm.

Paddy Power maintained steady losses throughout the day as Goodbody lowered its forecast following interim results announced last week by the firm. By 2.30pm, it was down 58 cent to €15.40.

Construction stocks were mixed throughout the day. CRH fell 36 cent to €17.44, while Grafton's shares also fell, losing 12.5 cent to €3.71 following Davy's lowering of its forecasts to reflect tough operating conditions. Kingspan, on the other hand, rose 5 cent to €7.85.

Additional reporting: Reuters