Iseq sees €4bn wiped out

The Dublin stock exchange saw almost €4bn wiped off its value today as fears over the US economy grew.

The US service sector announced worse-than-expected figures which sparked panic among investors around the world.

The ISEQ finished the day 294 points lower at 6,616.647 with losses exacerbated by a profit warning from Readymix and a DCC statement announcing currency volatility would affect its future earnings.

Of the financial sector, Irish Life & Permanent was the biggest loser after falling more than 9% - €1.07 to €10.40. Close behind with a 54c (5%) fall to €9.59 was Anglo Irish Bank while AIB had a 3%, 57c, downturn to €14.50.

The Dow Jones Industrial Average saw equally dramatic falls in the US, more than 200 points lower, after figures revealed that the services sector contracted for the first time in almost five years.