The downturn in the ISEQ's fortunes continued yesterday when, as in all European markets, shareholders took their cue from the Bundesbank's anti-inflationary interest rate rise. Dealers said that news dominated the movement in stocks. Financials were among the hardest hit.
Bank of Ireland was hit by a 20p drop. It closed at 870p. This fol lowed the 12p drop on Wednesday. Meanwhile, AIB slipped to 600p, a drop of 9p.
Anglo Irish Bank was down 2pto 109p, Irish Life was down 2p to 353p and Irish Permanent was down 13p to 687p. Hibernian did not trade from its overnight 468p.
CRH saw some profit taking. It closed down 6p to 794p. McInerney gained 5p to end the day at 85p. Abbey was up 5p to 255p and Heiton was up 5p to 190p.
Meanwhile, Smurfit was down 6p to 230p and Greencore was down 5p to 320p. Ryanair, however, gained 2p to 407p.
In the food sector, Fyffes gained 1p to 100p, Avonmore/Waterford was down 5p to 260p and Kerry was unchanged at 835p.
Among exploration stocks, Tullow was up 6 3/4p to 113 3/4p and Barlo was up 5p to 59p. Ivernia, however, was down 2p to 116p despite yesterday's announcement that its Lisheen mine had got the go-ahead from the Government. There was some interest in IFG, which closed up 3p to 66p. Arnotts was up 5p at 415p and Jurys was up 5p also to 415p.
Other stocks which rose were Irish Continental, up 5p to 820p and DCC, which was up 2p at 452p.
In the bonds market, there were further slippages in the wake of the Bundesbank's move. "It's been a tense, volatile market with trade volumes pretty much choked off," one dealer said.
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