The ISEQ Index shed close to 6 per cent as the meltdown in the price of Elan shook the market.

Settlement Day: February 7th

A profits warning from the pharmaceutical company hit the already-weakened shares and dragged the entire index lower. Elan, until last week the biggest Irish company in terms of its market value, surrendered that position to AIB with Bank of Ireland and CRH also passing it out.

At close of business, Elan shares ended at €19.50, down €14.50 since Friday. The market value of the company dropped from €11.5 billion on Friday to €6.6 billion yesterday.

At €12.2 billion, AIB was almost twice the size of Elan after yesterday's events. The bank enjoyed a strong performance with its shares up 23 cents on the day to €13.80.

Bank of Ireland gained 13 cents to €11.48 bringing its market value to €11.6 billion.

Other stocks which managed to make progress were Anglo Irish Bank, up 6 cents to €4.76, and First Active gained 5 cents to €3.65. Irish Life & Permanent rose 14 cents to €12.66.

Smurfit was unchanged at €2.50 while Riverdeep added 20 cents to close at €3.65 and United Drug gained 23 cents to €14.50.

In the food sector, Fyffes lost one cent to €1.16, Greencore added two cents to €3.22, IAWS gained 10 cents to €8.30 and Kerry went 25 cents higher to €15.50.

Among those losing ground were Ryanair, down seven cents to €6.83, and Jurys Doyle Hotels which lost 10 cents to €9.20.