Fears on Wall Street that first-quarter earnings in the technology sector may not reach analyst forecasts sent share prices in New York sharply lower, with a consequent follow-through to European markets. Dublin's performance was pretty resilient and the 1 per cent fall in the index was largely due to a heavy fall by Elan, with the other leaders down only modestly.
Elan has suffered from recent downgrades, partly on fears that delays in filing applications with the US FDA for its Ziconotide drug may be delayed. Elan has come back from a high of $877/8 to under $72 (€80.55 to €66.04) in recent weeks, although the share showed signs of stabilising yesterday. Most of the trading in Elan shares is on Nasdaq but the Dublin index is adjusted to take account of these trades to avoid sharp moves on its rare local dealings.
The banking stocks came back from their recent highs, with AIB closing down 10 cents on €16.05 (£12.64) after bottoming out at €15.90. Bank of Ireland, one of the market's top performers in recent weeks, also recovered from a low of €19.70 to close down 35 cents on €19.85 (£15.63).
Among the industrials, Smurfit was one cent easier on €2.03 (£1.60) amid speculation that the group may be one of the bidders for the Danisco operations in Britain and Denmark, which are likely to have a price tag of around £250 million.
Elsewhere, CRH was 40 cents lower on €15.90 (£12.52). Good drilling results from Galmoy failed to have much impact on Arcon, with the shares up just one cent on 18 cents (14p). Golden Vale was four cents firmer on €1.25 (98p) but Greencore continued to weaken and was seven cents lower on €3.35 £2.64).
Those going against the trend included Jurys - up 20 cents to €8 (£6.30) and Ryanair - up 30 cents to €7.80 (£6.14) after peaking earlier at €7.91.
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