Irish shares lost 3.3 per cent of their value yesterday as the Iseq index fell below 7,000 to hit its lowest level since last December. The sell-off was spread across the board as most stocks took a battering.
Banking shares followed their international peers lower, with AIB leading the way. Its shares shed €1.00, or 5.6 per cent, to €16.75, while Anglo Irish Bank lost 30 cent, or 2.7 per cent, to €10.80. Irish Life & Permanent gave up 40 cent, or 2.3 per cent, to €17.30, while Bank of Ireland finished 25 cent, or 1.9 per cent, lower at €13.10.
Non-financial stocks were not spared in yesterday's sell-off. Among the hardest hit were Independent News & Media, which lost 12 cent, or nearly 5.2 per cent of its value, to €2.20.
Shares in Paddy Power also tumbled by 73 cent, or 5.6 per cent, to €12.30 as investors took the view that rising interest rates meant punters would have less disposable income for pastimes like betting.
In the building materials sector, CRH shed 80 cent, or 3.4 per cent, to €22.90 while Grafton was off by 35 cent, or 3.6 per cent to €9.40 and Kingspan lost 57 cent, or 4.5 per cent, to €12.15. Despite a drop in the price of oil, shares in Ryanair shed 22 cent, or 3 per cent to €6.95.
Other losers included Iona Technologies, off 20 cent or 6 per cent, to €3.05 in Dublin and food group IAWS, which shed 60 cent, or 4.4 per cent, to €13.00.
Despite an upbeat presentation from C&C management at a conference in Paris, the stock gave up 15 cent, or 2.3 per cent to €6.50.
Among the few gainers yesterday were Greencore, which closed seven cent, or 1.9 per cent, higher at €3.77.
Waterford Wedgwood also bucked the general downward trend to finish nearly 9 per cent higher at 4.9 cent.
On Monday, the group said it hoped to return to an operating profit in the current financial year and announced a €60 million open offer at a price of six cent per share.
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