The Dublin stock market endured a negative trading session today, as the recent rally in bank share prices ended and went into reverse. The day's activity was marked by very little news flow, but a lot of nerves.
The Iseq index of Irish shares shed more than 100 points, a drop of 4.5 per cent, on a day when the FTSE 100 declined 2.5 per cent. Investors were rattled by a poor jobless number out of the US and figures for new US home sales that were significantly worse than expected.
Among the financial stocks, AIB and Bank of Ireland both fell by more than 18 per cent, with AIB losing 30 cent to finish at €1.36 and Bank of Ireland shedding 15 cent to close at 64 cent. Irish Life & Permanent didn't fare too much better, falling 13 per cent to €1.75, down 27 cent.
Building materials group CRH, the largest stock listed on the index, was under pressure, falling 6.35 per cent to 18 cent. The stock has outperformed its peers of late.
Independent News & Media was the biggest faller in percentage terms, ending the day down 19 per cent at 27 cent after the momentum of the early part of the week evaporated.
Drinks group C&C was another faller, with sellers rushing to exit the stock pushing it down more than 6 per cent to 81 cent.
On a day when Easyjet founder Stelios Haji-Iannou told the Davos World Economic Forum in Switzerland that rising unemployment would affect passenger numbers, Ryanair held up better than most of its peers in the airline sector, dropping 2.4 per cent to a closing price of €3.03.
On a day with few winners, pharmaceutical group Elan was the star performer, climbing 1.8 per cent to €5.60.
