MARKET REPORT: Irish shares slumped 3 per cent yesterday as the market took its cue from Wall Street, where shares fell amid growing gloom about the outlook for corporate earnings.
Settlement Date: September 20th
"It's really an international story today," one dealer said.
Banking stocks led the way down, hit by an overnight profit warnings from JP Morgan.
In Dublin, all of Tuesday's gains were lost as AIB shed nearly 4 per cent, or 49 cents, to €12.26, while Bank of Ireland lost 3.5 per cent, or 40 cents, to €10.85.
Irish Life & Permanent also suffered amid general pessimism in the insurance sector and following poor figures from Swiss Life. It ended 77 cents, or nearly 6 per cent lower, at €12.20.
Nor was Anglo Irish immune from the sell-off, closing 17 cents lower at €6.13.
Industrials also lost ground with CRH giving up 37 cents to €14.55 while Ryanair was down 22 cents at €5.53.
More than 2.6 million shares in Independent News & Media changed hands amid talk that the company was in the market again to buy the shares, which closed unchanged at €1.57. Independent confirmed that it had bought back 1.38 million of its own shares at prices between €1.48 and €1.57 on Tuesday.
Fyffes also dealt in good volume, losing three cents to €1.40 as nearly three million shares were dealt.
Other notable movers were DCC, down 25 cents to €10.05, and Arnotts, which also lost 25 cents to €10.50.
Galen shed 48 cents to €6.75 while Irish Continental Group lost 20 cents to €5.65 ahead of publication of its half-year results today.
Riverdeep also remained under pressure, giving up 15 cents to €1.60.
