ISEQ down 83 points

The ISEQ index of shares plummeted back into the red today, down 83.21 to 7566.69 at the close of business.

The ISEQ index of shares plummeted back into the red today, down 83.21 to 7566.69 at the close of business.

Pharmaceutical giant Elan was among the hardest hit shares today, down 75c to €11.75.

There were mixed fortunes for the financials. Anglo Irish was up 21c to €11.86, as Bank of Ireland remained unchanged at €13.95.

AIB was in the red, however, down 24c to €18.70. Irish Life & Permanent saw a 29c drop to €17.90.

It was also a bad day for CRH, which saw a 65c dip in share price to €26.65.

Meanwhile, Ryanair shares fell back 25c to €7.55 as the low cost carrier announced it is to cut back on services to Sweden because of a proposed new flight tax.

From October 28, the Irish no-frills carrier will scrap its twice-daily service between Stockholm-Vasteras and Luton.

Also, on the same day, Ryanair will reduce its Malmo-Sturup to Stansted service from twice a day to once a day and cut its Gothenburg City Airport to Prestwick in Scotland service from five flights a week to three.

Ryanair said the Swedish government’s proposed tax would effectively add a further 30% to the average cost of its fares.

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