The Iseq index of Irish shares fell 1.3 per cent in line with subdued stock markets across Europe today, as investors remained nervous about the future of the banking sector in America and elsewhere.
Reports that the US government may take a bigger stake in ailing lender Citigroup filtered through to European markets, where banking stocks led the decline in equity values.
In Dublin, Bank of Ireland was the weakest of the banks, falling 11 per cent to 30 cent, losing 3 cent on the day. There were both institutional and retail sellers in Irish Life & Permanent, which traded down 8.5 per cent to close at 95 cent, falling through the psychological €1 level. AIB shed 2 cent to finish at 58 cent.
Ryanair was one of the few stocks to finish in positive territory, with the airline's share price closing at €3.10, up marginally on Friday's closing. However, dealers noted that the stock is struggling to break out of the €3.00-€3.40 range despite the easing of oil prices.
Independent News & Media was the heaviest faller among the main market stocks, with its share prices finishing down almost 12 per cent at 15 cent, as investor fears about advertising revenues persisted.
Concerns for particular sectors of the global economy affected the share price movements of building materials group CRH, paper and packaging group Smurfit Kappa and pharmaceutical group United Drug.
Paddy Power was the highest climber among the main market stocks, with the bookmakers finishing up more than 3 per cent at €10.85 after a subdued performance last week. Concerns in its sector centre on how online gaming will hold up during the slump.
