ISEQ plummets nearly 5%
Almost 5% was wiped of the value of Irish shares as the ISEQ plunged 375.87 points to 7,303.15 in a miserable session of trading today.
The financials were traded heavily, and most made significant losses. Irish Life & Permanent fared the worst, losing 88c to €18.57. Bank of Ireland shed 50c to €13.65.
Allied Irish Banks took dropped 67c to €18.21. Anglo Irish Bank bucked the trend, gaining 30c to €12.50 – the biggest climb of the day, in a day of few gains.
In the construction sector, CRH took the biggest hit in the sector, plummeting €1.40 to €24.50. Kingspan Group endured a loss of 30c, sliding to €13.50, whilst Grafton Group shed 23c to €10.30. McInerney Holdings spectacularly recovered from early losses to close up 55c to €12.70 in late trading.
Shares in Elan fell in the US, and Irish investors took a similar line following the disappointing news that the company had secured only restricted approval by the US Food and Drug Administration (FDA) for the reintroduction of its multiple sclerosis drug Tysabri. The pharmaceutical giant was the biggest faller of the day, losing 16.12% of it’s value on the Irish exchange. Shares tumbled €2.38 to €12.38. Elsewhere in the sector, United Drug fell 12c to €3.42.
There was bad news also in the food and drink sector also, with Kerry Group the biggest victim, dropping 42c to €16.87.
Despite announcing record profits of €302m, low cost airline Ryanair shed 8c to €6.80 this morning. Also in the travel sector, Irish Continental endured an 11c slide to €10.79.
Other losers included Dragon Oil (down 18c to €2.51), Tullow Oil (down 14c to €5.21) and Paddy Power (down 12c to €14.18).
