29th Sep 2008
Irish banks in major fall
Banking stocks have plummeted today on the Irish Stock Exchange. Globally markets are falling and it is clear the $700 billion US bailout and the numerous state interventions are not halting this crisis.
Dow Jones reports Irish closing prices as follows:
ISEQ Overall Index ends -13% at 3,291.5 amid a sea of red on international markets, with government bailouts of Fortis, Bradford & Bingley and Hypo Real Estate Holding offsetting any benefit from the announcement of a $700B rescue package for US financial institutions, traders say. Allied Irish Banks ends -17%, Anglo Irish Bank -46%, Bank of Ireland -20%, Irish Life & Permanent -38%. Ryanair -11%, Aer Lingus -5%. Traders see more weakness Tuesday as they say the market has lost touch with fundamentals.
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