AIB shares came under some sustained selling pressure on the Dublin and London market and, although the share recovered from its lowest levels, dealers said there was every possibility that AIB may sink below €11 (£8.66) before the end of the week.
The two big financial shares have been seriously out of favour for a variety of reasons, but yesterday was the first time that AIB came under serious selling pressure. The shares dealt as low as €11.10 before finally closing on €11.30 (£8.90), a fall of 48 cents.
Bank of Ireland's fall was more modest and the share closed down four and a half cents on €7.71 1/2 (£6.08).
Some other Irish financials were better bid. Irish Life & Permanent - still supported by speculation that it may become a bidder for Ulster Bank whoever ends up buying NatWest - was 20 cents stronger on €10.45 (£8.23).
Industrials were their usual mixed bag. Eircom's recovery has turned out to be short-lived and the shares dived below the flotation price once again to close on €3.87 (£3.05), down three cents.
CRH, which today holds its first board meeting since the Ansbacher story broke, was 15 cents lower on €17.95 (£14.14).
Fyffes rose sharply with the arrival of a sterling buyer and closed up 14 cents on the sterling equivalent of €1.81 (£1.43). Green was two cents firmer on €5.47 (£4.31) after confirming the £57 million sale and leaseback of the Microsoft office portfolio, while IAWS hit a new high with a 15-cent jump to €4.50 (£3.54).
Nasdaq trading saw Trintech take a caning as profit-takers moved in to take advantage of the 20 per cent-plus gains from the IPO price. Trintech shares were trading $1.87 1/2 lower on $13.12 1/2 at the Dublin close, still well ahead of the IPO price of $11.55.
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