The value of stocks on the Dublin market have fallen by 2.25 per cent today in a week in which more than €7 billion has been wiped off the value of Irish shares.
Robbie Kelliher, Head of Equity Research at Davy's Stockbrokers told i reland.comconcerns over the rising cost of credit was weighing on markets.
He said the fall was an international issue and than the postponement of debt financing deals by Alliance Boots and DaimlerChrysler was leading to concerns over mergers and acquistions.
The ISEQ has now fallen by more than 500 points so far this week.
Among the main fallers this afternoon is AIB, down 38 cents at €18.5; Bank of Ireland down 34 cents to €13.78, Anglo is off 36 cents marginally at €13.92 while Irish Life and Permanent shares are down 60 cents at €17.7.
Other fallers include Elan which reported a higher than expected net loss of $141 million (€102.8 million) for the six months to June. At 3.30pm its shares were down 14 cents to €14.23.
Ryanair, which yesterday announced plans for an expansion from Belfast, is also down, falling 8 cents to €4.87.
European shares have dropped more than 1 per cent today and Wall Street looked set for a poor start as risky currency trades look like unwinding with the Japanese yen rising across the board.