Iseq: 2,825.75 (-35.94) Settlement date: July 21st: THE ISEQ index succumbed to the sharp downward momentum that swept across global equity markets yesterday, shedding more than 1 per cent.

There were very few outperformers on a day that saw European stocks close lower for a third straight session, with one broker noting that “everything got caught up” in the general sell-off.

The airline sector softened on the day, with low-fares carrier Ryanair retreating more than 4 per cent, or 14.5 per cent, to just under €3.19. Rival airline Aer Lingus closed about 5.5 per cent off, or four cent, at 68 cents.

There was continued weakness in Smurfit Kappa following the release of data last week that showed German containerboard prices declined in June. “The market didn’t help either,” a broker said. “Any kind of negative news gets compounded by the weaker market.” The paper and packaging giant finished 6 per cent lower, or 44 cents, at €6.86.

Bank of Ireland’s ordinary shares were slightly higher at 10.1 cents yesterday. There was also some activity in the bank’s “nil paids”, which give holders the right to participate in the lender’s upcoming rights issue and buy shares at 10 cents.

However although there was decent volume in the nil paids, their value is so low (.001 cent) that this activity was not particularly significant in monetary terms.

Kerry was among a handful of stocks to finish in positive territory. The food group confirmed last week it is in exclusive discussions to acquire Cargill’s global flavours business. Having rallied almost 2 per cent on Friday on this, Kerry gained about 0.7 per cent, or 20 cents, to close at €29.50.

One broker noted that volumes had been “quite a bit lighter than normal” on the Irish market in recent sessions and although stocks were moving, there was “not a lot of weight behind them”.