Dark day for Irish Stock Exchange

The value of Irish shares plunged by almost 2½% in a day of disaster for the ISEQ index.

By close of trading, the index had declined by 247.45 points to 9715.99.

In a session of widespread losses on the Exchange, Abbey was the only gain of any significance, up a modest 12c to €10.90.

The financials were no different, with both AIB (down 67c to €21.87) and Irish Life and Permanent (down 66c to €19.99) taking heavy hits. Bank of Ireland (down 27c to €15.69) and Anglo Irish Bank (down 18c to €17.35) fared somewhat better.

Much of the pessimism was sparked by a negative outlook from airline Ryanair, who dropped 43c to €4.99. Irish Continental Group had a worse day, plummeting 82c to €20.18. Elsewhere in the travel sector, Aer Lingus shed 15c to €2.75.

The usually strong construction sector took some heavy falls, with CRH (down 78c to €36.57) chief among them. Kingspan dived 53c to €21.85, with rival Grafton Group slipping 34c to €11.50. Readymix only had to deal with a 10c dip to €2.70.

There was some significant declines in the food and drink sector, with C&C slumping 42c to €11.93. IAWS (down 25c to €17.75) and Kerry Group (down 16c to €21.99) will hope for a recovery tomorrow.

The biggest loss of the day came for Icon, who fell €1.85 to €33.70.

Bookmaker Paddy Power has had better days, as Exchange punters abandoned it to the tune of 47c, finishing on €21.75. Elan also fell sharply, down 30c to €14.35.