ISEQ value falls €1.9bn

THE value of the ISEQ index of shares on the Irish Stock Exchange fell by €1.9 billion yesterday as shares in all sectors, bar technology stocks, fell.

The 2.9% drop was the steepest since February 4 of last year. More than two stocks fell for each one that rose but the value of 18 stocks were unchanged.

The massive fall in the value of Ryanair shares, following its warning that profits will fall by 10%, accounts for a major portion in the fall of the value of the index of Irish registered companies listed on the exchange.

Kevin McConnell head of equity research at Bloxham Stockbrokers said, apart from the Ryanair fall, it was for the most part a normal day's trading on the exchange.

Major shares like AIB Bank and Bank of Ireland, which have made good gains in recent weeks, fell as investors took profits, according to Mr McConnell.

CRH fell 1.46% after results from French rival Lafarge failed to impress the market.

Ryanair Holdings, the fourth-biggest stock by market capitalisation before yesterday, slumped €2, or 30%, to €4.75.

This represented the biggest percentage decline since the company went public in May 1997.

One of the exchange's star performers of the last year Anglo Irish Bank declined for a third day, shedding 20 cents, or 1.4%, to €13.75.

Shares in Ireland's third biggest lender by market value rose last Friday to their highest level in at least 17 years after the company reported fiscal first-quarter earnings were "well up" from a year earlier.