Markets round-up: Sun factor creams it

The ISEQ closed 29 points lower at 6,259 as investors booked gains in the leading financials and more earnings worries undermined…

The ISEQ closed 29 points lower at 6,259 as investors booked gains in the leading financials and more earnings worries undermined the technology sector.

AIB lost 4 cents to euro 12.91, Bank of Ireland came off 29 cents to euro 11.30 and First Active fell 3 cents to euro 2.93. But volumes remained relatively modest in the headline stocks as the second tier stocks made the headlines.

Telecoms group ITG reported strong results today and gave an upbeat assessment of its prospects in 2001. The share gained 10 cents to euro 5.50.

Independent News and Media also gave an promising forecast at its A.G.M. today but investors remained sceptical as to how the company will deliver its promised 10 per cent earnings growth in the prevailing weak media advertising market.

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CRH recovered 3 cents to euro 20.21 today after recent losses. Brokers said CRH shares are trading in a tight trading range around the euro 20.0 level and the share price is likely to say there for some time.

Kerry Group gained support after positive comments at yesterday's A.G.M. The share gained 30 cents to euro 13.60 in brisk trade.

Market heavyweight Elan closed 10 cents lower at 67.75 after a weak opening in New York. The US equity market is coming under renewed pressure today after an earnings warning from Sun Microsystems and the collapse of the Alacatel/Lucent merger.

At 6 p.m., the Nasdaq was down nearly 75 points at 2,100.69, while the DJIA saw falls of 103 points to 10,925.49 in another bout of tech selling .

The FTSE 100 index ended down 67 points at 5,796,9 after another rout of technology stocks.

The most damaging factor in last night's warnings from Sun and Alcatel was that market watchers now fear that their disclosures may be only the beginning of a string of alerts, brokers said.