ISEQ down more than 300 points

The ISEQ index of Irish shares lost 3.69% (308.82 points) in value today, sharing dramatic falls with most world markets after jitters in the US affected trading worldwide.

The Dow Jones Industrial Average opened more than 100 points lower after the US' biggest mortgage lender Countrywide Financial said it had borrowed $11.5bn (€8.6bn) to fund mortgage lending in a credit crunch which has seen smaller rivals collapse.

In Ireland, fruit distribution company Fyffes was the only listed company to make any gain, albeit a tiny €0.005 move upwards.

Otherwise, the best any company could hope for was to hold steady on its opening price - Irish Continental and Waterford Wedgwood were joined in that group by a number of mining and exploration stocks.

Otherwise, there was a red tinge right across the board - builder Abbey lost 42c to close at €9.23 while materials giant CRG fell €1.20 to €30.03. Grafton lost 17c to close at €9.63.

Paper-based packaging products company Smurfit Kappa - which yesterday reported pre-tax profits of €42.9m for the three months to the end of June - lost 67.5c to close at €15.20.

Banking stocks were among the hardest hit today. AIB lost 59.7c to fall to €17.95 while Anglo Irish was down 33c to €13.45. Bank of Ireland lost 71.5c to close at €12.98.