International markets responded calmly to the beginning of military action in Afghanistan, but the Irish market closed down almost 1.7 per cent - pushed lower by modest weakness in the banks and some of the larger industrial stocks.
Turnover in most of the leaders, however, was very light and only Ryanair traded in any significant size as airline stocks moved weaker across Europe. Almost 2.7 million Ryanair shares changed hands as the stock slipped 25 cents to €9.00.
Elan lost €1 to €51.80 in Dublin, and in New York was trading $1.60 lower in midday trading, on $46.25. Elan accounts for a quarter of the ISEQ Overall Index so even a small fall in Elan shares has a significant impact on the index.
Financial shares were weaker but they did recover from their lowest levels as European markets improved after the calm opening on Wall Street.
AIB lost 30 cents to €10.50, Bank of Ireland was eight cents lower on €8.92 while Irish Life lost 18 cents to €10.17.
The American investment group Capital has been a recent buyer of Irish Life and a disclosure yesterday shows that Capital acquired almost 1.7 million shares in the past two weeks to take its stake to 9.4 per cent.
Among industrials, CRH drifted 36 cents lower on €17.94 while Irish Continental was 15 cents higher on €5.05, after chief executive Eamon Rothwell bought more than half a million shares on Friday.
Barlo managed to scramble back from the depths and was three cents firmer on €0.27, Smurfit was seven cents easier on €1.93 while Kerry - which sold off its Golden Vale milk interests in Northern Ireland - lost 40 cents to €14.00.
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