ISEQ sinks more than 4%

The value of Irish shares plunged more than 4% today as the ISEQ index of Irish shares lost 127.44 points to 2,982.71, falling back below the psychologically significant 3,000 mark.

In the financial sector, Irish Life and Permanent fell 16c to €2.30. Allied Irish Banks did little better, down 13c to €1.11. Given the mood of gloom on the Exchange, Bank of Ireland will be glad to finish unchanged on €1.42.

The construction sector suffered, with CRH losing 77c to 17.75. Kingspan (down 18c to €6.32) and Grafton Group (down 17c to €3.30) both lost ground.

In the food and drink sector, Kerry Group endured the biggest fall, plunging 84c to €22.16. C&C lost 17c to €3.20, and Glanbia shed 16c to €2.85.

Tullow Oil plummeted 87c to €12.08, with rival Dragon Oil finishing 19c worse off on €5.10.

There were heavy losses across the Exchange, including DCC (down €1.35 to €17.85), Paddy Power (down 98c to €24.90), FBD (down 50c to €7.10), Smurfit Kappa (down 38c to €6.95) and Irish Continental Group (down 35c to €16.50).

Elan (down 26c to €4.62), CPL Resources (down 18c to €2.60) and Ryanair (down 13c to €3.37) also suffered.

Icon enjoyed the only significant gain of the day, climbing €1.05 to €22.25.