ISEQ follows downward trend

The ISEQ index of Irish shares followed global markets into the red today, closing down 93.64 points or 3.55% to 2,545.5.

Fears about the global economy intensified today after European Commission President Jose Manuel Barroso warned that the sovereign debt crisis is spreading and issued a rallying call to European leaders to give their “full backing” to the eurozone.

The effects were felt in Dublin where numerous index heavyweights took a hit - among them Smurfit Kappa, down 69c or 11.72% to €5.22; Kingspan, sliding 53c or 8.28% to €5.83 and Grafton Group, sinking 20c or 7.07% to €2.63.

Also in the red were Aer Lingus, down 3c to €0.64; DCC, falling 78c to €17.32; C&C, down 13c to €3.17; Glanbia, 17c off at €4.25; CRH, down 43c to €12.14; Kerry Group, falling 84c to €26.32; Greencore, down 3c to €0.91 and Elan Corp, down 15c to €7.10.

Notable on a sparsely-populated risers' board were Tullow Oil, up 25c to €13.25 and FBD, adding 10c to €6.80.