Iseq index fall masks 'bounce'

The Iseq index of Irish shares was down 143.56 points or 2.35 per cent at 5,962.31 at the close of business today, but dealers said the performance disguised a “bounce” from yesterday’s fallout in London.

The Dublin market was closed for yesterday's June bank holiday, so it effectively was playing "catch up" on events across the Irish sea.

This meant all the leading banks took a hit and CRH took a hit, dragging down the index.

Bank of Ireland and Anglo Irish Bank were both down in the region of 8 per cent, while CRH dropped by 2 per cent.

However, dealers said there was an effective bounce on these stocks' performance in London yesterday. The Dublin market was simply falling into line with its peers, they said.

Other European markets performed better. London bounced as banks recovered some ground. the FTSE 100 was up 50.09 points or 0.8 per cent at 6,057.7. The French bourse's CAC index was up 0.4 per cent at 4,977.76 and Germany's Dax was flat at 7,011.08.