The usual financial suspects took another hammering on the Dublin market yesterday and in the absence of some composure on Wall Street it is difficult to call a halt to the current bout of attempted selling in Dublin.
"Attempted" is the operative word in this case, with few buyers for the stock on offer. Until buyers emerge, it is difficult to call a halt to the relentless downward drift.
All the forecasts are for continued strong growth in Irish corporate earnings - and it is those assumptions that are the cornerstone of the 6000 end-year forecast for the ISEQ from Dublin analysts.
The same analysts are steadfastly sticking by their ambitious year-end ISEQ forecasts but it will take a 21 per cent rise in the ISEQ from last night's closing level to achieve those targets.
Financial shares were all lower: AIB fell 35p to £11.20, Bank of Ireland lost 45p to £13, Irish Life was 33p lower on 630p while Irish Permanent fell 25p to 870p.
Leading industrials also suffered - but to a lesser degree, with CRH 15p easier on 980p while Smurfit fell 8p to 156p, over 120p lower than its level of last April immediately after the announcement of the JS Corp-Stone merger.
Avonmore Waterford lost 15p to 295p while other second-liners suffered a delayed reaction to the recent weakness with Clondalkin down 25p on 575p and Crean 10p lower on 125p.
Greencore was 15p lower on 340p, Independent was unchanged but offered on 300p while Waterford Wedgwood fell 4p to 80p on fears over the impact the Japanese crisis will have on sales.
