Market report: ISEQ down ahead of Fed decision

The ISEQ index closed at 6,074 today, down 1 per cent in advance of the expected announcement of a US rate cut this evening.

Some bank stocks, such as AIB and Bank of Ireland, finished down as investors were nervous as to what might happen in with the US rate cut.

Elan was down in Ireland on euro 61.30 but rose this afternoon in the US following yesterday’s poor performance on Wall St.

DCC consolidated yesterdays gains and finished up 5 cents on euro 11.00.

The big drop of the day was Horizon which lost 46 per cent of its value after announcing 250 job cuts worldwide, 50 of which are in Dublin. Its shares closed on euro 2.19.

Other techs shared Horizon's bad day, with Iona down almost 9 per cent on euro 40.50.