The stock market fell almost three-quarters of a percentage point, tracking international markets lower in dull trade yesterday.
Banking stocks lost ground after their recent resilient performance and Bank of Ireland, which has been enjoying a strong bull run, ran into profit-taking which knocked 19 cents off its share price to close at #11.81.
AIB fell in sympathy and ended the day down 16 cents at #12.94. Anglo Irish Bank bucked the trend adding four cents to #4.46.
Elan dropped #3.00 to #68.80 as heavy selling in the US spilled over into the Irish market. The pharmaceutical company accounts for approximately 25 per cent of the total capitalisation of the ISEQ and as a result its price moves have a major impact on the Irish index.
Old stalwart CRH gained 30 cents to #20.30 but the volume traded was relatively light, while Smurfit dropped two cents to #2.22 in equally thin trade.
Budget airline Ryanair, which is involved in a price war with rival new entrant Go on its Scotland routes, proved a favourite of US investors and a sizeable amount of its American Depository Shares changed hands. This pushed the Irish share price up 29 cents to #12.20. Food stock IAWS added five cents to #7.60 as it continued to bask in the warm glow of its earnings-enhancing US acquisition - specialty bread maker La Brea Bakery group.
Eircom added one cent to #1.34 as arbitrageurs waited in the wings to buy the stock on downswings while its many shareholders waited to sell into any upswings as the battle for control of the former state telecoms company continues.
