Market Report:Shares in Dublin tumbled yesterday as the market slumped in line with other markets around the world.
The sell-off was prompted by the news that France's biggest listed bank, BNP Paribas, froze €1.6 billion worth of funds, citing US subprime mortgage sector problems.
A move by the European Central Bank to inject nearly €95 billion into euro zone money markets to soothe investor jitters over the existing pool of liquidity failed to have the desired effect.
The Irish market traded down around 3 per cent at one stage before an unconvincing rally towards the end of the day saw it finish off 2 per cent. The Iseq closed the day at 8701.13, down 192.87 points.
Financials bore the brunt of the sell-off, giving up a lot of the gains from Wednesday's rally. AIB closed 77 cents weaker at €19.57, while Bank of Ireland shed 57 cent to €14.10. Anglo Irish Bank was under pressure, losing 39 cent to €14.00. FBD fared little better as it slipped back 45 cent to €27.75, while IL&P was down 68 cent to €18.07.
Construction stocks were also caught up in the slump, with Grafton losing 35 cent to €9.80. CRH was 1.35 per cent or 45 cents weaker at €33, while Kingspan also dropped 45 cent to €18.
Elsewhere, IN&M, which announced a purchase of its own shares was off 5.37 per cent, or 18 cent, to €3.17. Despite announcing the opening of its 21st base at Alicante, Ryanair finished down 1.72 per cent at €5.50.
Tullow Oil added 23 cent to €7.59, while Elan was the star performer of the day, advancing 79 cent to €14.60.
