Few national indices have changed as much as Ireland’s ISEQ since the peak of the credit bubble. Financials came to comprise over 70% of the index in 2006 as the banks got bigger and bigger. Now that they’ve collapsed, financials have shrunk to just 5% of the index.
Construction firms, which also flourished during the housing bubble, remain the top sector with 27% of the index, dominating the industrials. Food and drink groups dominate the consumer goods sector, while health care has become another defensive heavyweight. Travel and leisure firms, notably airlines, account for the lion’s share of the consumer services segment.