The Irish market came in for some heavy punishment yesterday as European markets tumbled and Wall Street resumed its downward path on fears of a deeper US recession.
Elan and technology shares listed on Nasdaq fell heavily while those stocks which have already been hit by the shift in sentiment managed to ride out yesterday's downturn with more modest losses. Elan was down €6.66 in Dublin on €48 but the New York Stock Exchange trading in the stock is far more significant. In London, almost three million Elan shares had traded by midday, with the price down more than $5 on $43.20.
The heavy opening fall on Nasdaq meant Irish technology stocks were heavily sold and by midday Iona was down more than 20 per cent, Riverdeep had fallen 14 per cent and Datalex was 18 per cent weaker while, in London, Parthus Technologies was down 12 per cent on a new low of 22p sterling.
There was sizeable trading in the main financial shares but price changes were modest with AIB down six cents on €11, Bank of Ireland down 12 cents on €8.93 and Irish Life & Permanent 10 cents lower on €11.60.
CRH - whose planned €350 million takeover of Addtek has collapsed - lost another 30 cents to €15.20 while Waterford Wedgwood lost 10 cents to €0.65 amid talk of layoffs and short-time working at the crystal plants.
Ryanair continued to recover after its buoyant trading statement and gained 29 cents to €8.85 but Smurfit continued to drift and was a cent lower on €2.03.
Independent News & Media fell another 10 cents to €1.75 amid talk of downgrades to reflect the fall-off in British advertising revenues.
