Early gains on Wall Street after the release of buoyant data by the Institute of Supply Management (the former NAPM) were soon wiped out and the weak opening session soon fed to European markets, most of whom closed lower on the first trading day of the new year.
The 1 per cent fall in the ISEQ was largely due to a weaker showing by index heavyweight Elan.
The pharmaceutical group, which accounts for around 25 per cent of the ISEQ, was down €2.70 to €49.30 in Dublin although the fall in New York - where the bulk of Elan trading takes place - was less pronounced with the stock down less than 1.5 per cent in the opening New York Stock Exchange session.
Financial shares were either unchanged to firmer with Irish Life & Permanent the pick of the bunch with a 25-cent gain to €11.65. Irish Life was by far the heaviest traded Irish stock with almost 1.6 million shares changing hands.
Bank of Ireland gained 18 cents to €10.60, AIB was unchanged on €13 while Anglo Irish - one of the top performers of 2001 - drifted five cents lower to €4.30.
Industrials were mixed, with CRH bouncing back from a €19.45 low to close 11 cents lower on €19.72. Glanbia gained seven cents to €1.40 while elsewhere in the food sector Kerry gained 20 cents to €13.85.
Ryanair lost 25 cents to €6.95 and Smurfit drifted three cents to €2.42 in very thin trading.
Among second-liners, Dunloe Ewart lost three cents to €0.28, Grafton gained 10 cents to €3.35 while Jurys added 10 cents to €8.20 ahead of interim results. Power Leisure hit a new high with a 25 cent gain to €4.25.
