Monday, October 07 17:37:39
The ISEQ joined most world indices in a decline today as investors fretted over lack of progress in resolving Washington's budget stand-off.
The index closed down 6.86 points to 4,271.49.
U.S. Democrats and Republicans came no closer on Sunday to a budget agreement that would end a government shutdown, let alone reaching a deal on the U.S. borrowing limit by Oct. 17 to avoid what would be an unprecedented default.
Republican House Speaker John Boehner said he would not raise the debt ceiling without a "serious conversation" about what is driving the debt. Democrats said it was irresponsible and reckless to raise the possibility of a default.
On Friday, the IMF released its latest review of Ireland's programme. The IMF indicated that the government should still plan to hit the overall E5.1bn adjustment planned for 2014-2015. However, this suggests that the IMF is now reconciled to the likelihood that the adjustment in Budget 2014 will fall below the E3.1bn originally planned. The IMF has now pared back its forecasts for Irish GDP growth to just 0.6pc in 2013 and 1.8pc in 2014 but still expects the government to meet its 7.5pc of GDP deficit target in 2013, falling to 4.9pc in 2014.
Among the fallers were Aryzta, down 85c to E51.15 and Paddy Power, which fell 63c to E59.55. Among the gainers were CRH, up 6c to E17.57 and Elan, which gained 5c to E11.75.