Irish share prices recovered most of their losses suffered yesterday after the latest aviation disaster in the United States. But despite the recovery, the market is still nervous and few Irish investors are willing to commit themselves to equities in any size until the international situation is clearer.
Predictably, Ryanair fell sharply on the news of the Queens air disaster and fell as low as €11.50 before rebounding to close down 38 cents on €12.05.
But the share remained weak on Nasdaq and, a couple of hours before the New York close, the ADSs - which comprise four ordinary shares - were almost 5 per cent lower on $55.55. Volume in New York by midday was the equivalent of almost 800,000 shares.
Elan was lower in Dublin but, on the more important New York Stock Exchange, the shares were trading 25 US cents higher above $43 in heavy volumes.
Financial shares recovered from the lows of the day and Bank of Ireland - which has scrapped its interim scrip dividend in favour of all-cash payments to shareholders - edged ahead four cents to €9.44
AIB hit an early low of €9.50 before closing 17 cents weaker on €9.78 while Irish Life & Permanent rebounded from a €12.05 low to close 14 cents higher on €12.36. CRH ended 18 cents higher on €17.43 after hitting a low of €17, while Grafton gained 15 cents to €3.15.
Technology shares were weaker across the board and on Nasdaq Parthus fell almost 7.5 per cent in morning trading despite a suggestion in some quarters that the placing of part of the Goldman Sachs stake had removed a substantial overhang.
