With European markets down sharply on worries about factors as diverse as American consumer confidence, anthrax outbreaks and the state of the Argentinian economy, the Irish market fell by almost 2 per cent, although trading volumes remained modest - with financial shares the only ones to trade in excess of a million shares.
The main factor behind the fall in the index was renewed weakness in Elan, despite good third-quarter results last week and positive comments on new product authorisations. In Dublin, Elan was down €2.73 on €52.68, while on the more representative NYSE the shares fell $1.78 to $44.97 by midday.
On the home market, the biggest volume was in Anglo Irish Bank, which fell seven cents to €3.32 in volume of 2.6 million shares. AIB was 10 cents lower on €10.80, while Bank of Ireland lost eight cents to €9.87. Irish Life gained five cents to €11.70.
Among industrials, CRH - linked with a possible €70 million bid for a Serbian cement plant - fell 35 cents to €17.16, while Independent was unchanged on €1.75. Shares in Independent's Australian associate APN were suspended in Sydney yesterday ahead of an imminent announcement on a bid by APN for Independent's New Zealand newspaper and radio operations.
Technology shares were weak across the board, with the biggest losses being suffered by Trintech, which lost 16 cents on the Neuer Markt to €2.00 and was down 24 cents on $1.81 in early Nasdaq trading. Bijan Khezri's pay cuts for directors did not help Baltimore, which lost 2p to 171/4p in London, while Parthus was down 33/4p on 34p. On Nasdaq, all the Irish technology shares were lower in the opening session.
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