Irish prices fall heavily in line with other European markets

The catastrophic events in New York cast a pall of gloom over the Irish market yesterday, with some Irish dealers deeply upset in the knowledge that people they normally do business with in New York has lost their lives in the World Trade Centre attack.

In common with other European markets, Irish share prices fell heavily and the ISEQ was down 2.35 per cent with almost €1.5 billion wiped off the value of Irish shares. But volumes were very low and the losses were not uniform with some stocks in the same sector suffering more than others for no apparent reason.

Ryanair might not have any involvement with transatlantic air travel, but fears of wider curbs on air travel in the wake of developments in the US was one factor behind Ryanair's 73 cent fall to €9.69. Fears that American tourism might be scaled back was the main factor behind the 73 cent fall by Jurys Doyle to €8.20 while Gresham was 5 cents weaker on €0.80. Waterford Wedgwood, a beneficiary of American tourism sales, fell 4 cents to €0.94.

Most financial shares were marked down heavily, but remarkably AIB - the one Irish bank with a large American presence - actually gained 3 cents to €11.63. Bank of Ireland, however, lost 79 cents to €8.90, Anglo Irish was 25 cents lower on €3.50 while First Active was also 25 cents lower on €2.85.

Irish industrial shares with a large American presence fell modestly despite fears that the atrocity may speed the progress of the American economy from a downswing to a recession. CRH was 10 cents weaker on €17.20, Elan was $1 lower on €57.50 and Smurfit fell 7 cents to €2.26.