Banks, airlines and food stocks were all in negative territory this afternoon as poor economic reports from Europe and rising oil prices weighed on the Dublin market.
At 12.32pm the Iseq was 0.8 per cent lower at 5,421.
What good news there is today on the market came from Tony O'Reilly controlled companies. Shares in Waterford Wedgwood were up over 28 per cent, the sharpest daily rise in over three years, on news that the company is reviewing its controlling stake in German china and glassware Rosenthal AG.
Media reports yesterday suggested that the review is likely to result in a sale. "This would provide a welcome cash injection to the group," analyst Mark Healy at Davy Stockbrokers in Dublin said in a note on the possibility of a sale. Waterford shares were trading at €0.009 this afternoon.
Independent News & Media shares were also ahead today, rising just under 2 per cent to €1.786.
Among the fallers today were Bank of Ireland, down 2.5 per cent at €6.21; Anglo Irish Bank off 2.3 per cent at €6.75 and Irish Life and Permanent shares which eased down 1.7 per cent at €8.63.
With oil prices rising by more than a $1 a barrel on Middle East tension today, Aer Lingus shares have dipped 4.7 per cent lower at €1.56 while Ryanair stocks were down 1.9 per cent at €2.99.
Yesterday Aer Lingus stated that it has no plans to sell itys Heathrow slots. Other fallers today were Kerry, off 15 cents to €18.65 and Greencore down 1.1 per cent to €2.65.
Europe shares were lower today, suffering from a wave of poor economic reports. Euro zone services and manufacturing activity both contracted in June, hit by slowing demand and rising energy costs, while price pressures surged, RBS/Markit indexes showed.
Similar data also showed French growth in both manufacturing and services contracting and German growth in the sectors slowing.
German corporate sentiment weakened significantly in June, according to the Munich-based Ifo economic research institute.
The reports, reflecting a long-held belief that Europe would follow the US economy in slowing down, were seen as putting pressure on the European Central Bank, which, like others, is trying to balance slowing economic activity with rising inflationary pressures.
The FTSEurofirst 300 index of top European shares was up 0.2 per cent.
"Markets are oversold after last week, and that in itself should give us a few days of respite," said Mike Lenhoff, chief strategist at Brewin Dolphin.
Earlier, Japan's Nikkei stock average slid 0.6 percent to a nearly one-month closing low. It lost 84.61 points to 13,857.47, its lowest since May 28th.