Fears that the Fed is gearing up for a rise in US interest rates might have done nothing more than dampen London and New York share prices, but the Irish market closed more than 2 per cent lower, with overseas investors exiting the market. There is little support for the market at present and dealers believe it may have to fall further before finding a floor.
Even Telecom suffered the malaise, and with volumes sharply lower than during last week's hectic trading, the shares fell 20 cents to €4.65 (£3.66) - still a healthy 19 per cent gain on the IPO price but well off last week's €5 (£3.94) high.
But most of the other leaders tumbled, with AIB down 28 cents on €12.70 (£10), Bank of Ireland off 11 cents on €8.70 (£6.85) and market favourite CRH losing some of its gloss with a 46 cent fall to €18.00 (£14.18).
Vague speculation on a link-up between Anglo Irish and First Active supported both shares against the general weakness, with Anglo one cent firmer on €2.36 (£1.86) while First Active was unchanged on €3.55 (£2.80). Irish Life & Permanent was unchanged on €10.10 (£7.95) as it ruled itself out of the bidding for ICC Bank.
Elsewhere, Independent - tipped as a possible bidder for the Belfast Telegraph if Trinity is forced to sell - lost 12 cents to €4.38 despite a supportive buy note from house broker Davy. Fyffes lost 10 cents to €1.90 (£1.50) despite buying in 153,000 shares at €2.00 and €1.95 while Smurfit continued to weaken, down another nine cents to €2.41 (£1.90).
