International markets set the tone for the day with stocks losing ground amid a spate of poor results from companies in the US and Europe. This downturn was reflected in the Irish market which slipped 1.71 per cent to close at 6,300.70.
The ISEQ also suffered from a #3 drop in share price of pharmaceuticals company Elan, which accounts for a quarter of the Irish index. Despite posting better than expected results, Elan's stock drifted throughout the day, reflecting some concerns about its ability to bring new drugs to the market in the second half of the year. It closed the day at #68.50.
Leading financials also drifted in line with the banking sector in Europe, which was 1 per cent weaker, with both of the main banks - AIB and Bank of Ireland - losing ground on relatively thin volumes. AIB was 16 cents weaker at #12.96 with around 360,000 shares changing hands, while Bank of Ireland dropped back 20 cents to #11.70 on a volume of just under 400,000 shares. Irish Life & Permanent lost 23 cents to #13.40.
Both Anglo Irish Bank and First Active bucked the trend. Anglo advanced 7 cents to #4.62, while First Active picked up 5 cents to #3.12.
Green Property, which has been under pressure for some weeks over concerns for the commercial property market, rebounded strongly yesterday, gaining 18 cents to close at #7.48. CRH also inched ahead, by 2 cents, to #20.02.
Smurfit continued its downward trend, losing 5 cents to #2.30. Power Leisure, which posted good results yesterday, closed the day at #3.70, down 10 cents.
