Heavy selling of tech and old economy stocks

Heavy selling of both technology and old economy stocks left the Irish market nursing big losses yesterday, with only CRH of the large capitalisation stocks closing in the black. Otherwise it was a sea of red ink although market debutant Parthus bucked the trend with its shares soaring 66 per cent on their first day's trading in London and Nasdaq.

For private investors, Eircom's slump to close on its all-time low was more bad news ahead of results next week. Eircom dealt down to a low of €3.65 before managing to recover some ground to close on €3.72, down 16 cents on the day and 18 cents off the July 1999 flotation price. CRH, however, bucked the trend and jumped 30 cents to close on €20.35.

Despite suggestions from some analysts that they have been oversold, bank shares took another hammering with AIB down 40 cents to €10.50 while Bank of Ireland lost 16 cents to €6.88. Anglo Irish remained weak ahead of the formal announcement of its merger with First Active and lost five cents to €2.40. First Active was five - apart from Parthus - were heavily sold with Baltimore down 70p to £4.19 sterling in London and over $2 1/4 weaker on $11 7/8 shortly before the Nasdaq close. Trintech lost 50 cents to €26.40 on the Neuer Markt and was trading almost $1 lower on Nasdaq at $22 5/8.

SmartForce was one of the worst hit Irish shares - down almost $5 1/4 shortly before the New York close on $38 5/8 while Iona was trading over $4 lower around $45 1/2. Riverdeep was one of the few technology shares to resist the sectoral slump and was up $7/8 on $24 1/2.