Shares prices in Dublin turned weaker and followed the international markets lower. Dealers reported relatively thin trading throughout the session with little in the line of corporate news to provide a focus.
Most shares were forced lower with AIB emerging as the biggest loser on the day. The bank's shares shed 30 cent to end at €17.40. The European banking sector continued to struggle with share prices overall down by about 1 per cent, which hit sentiment.
Bank of Ireland lost 10 cent to end at €12.80. The bank announced the completion of the sale of its Bristol & West branch network in the UK yesterday with the impact on earnings expected to be negative.
Investors are now watching for Bank of Ireland's trading statement next week to monitor its progress in the UK. In Ireland the focus will be on the extent of its cost cutting and the performance of its asset management division.
Anglo Irish Bank was off 7 cent at €10.88. Irish Life & Permanent also struggled and closed at €14.95, down 15 cent.
CRH was unable to buck the trend and was hampered by the downward spiral in the share price of US building companies in the light of high interest rates and the Federal Reserve's cautious stance. CRH lost 23 cent to end at €21.72.
Ryanair was down 10 cent at €6.70 with investors showing little interest in developments at Dublin Airport and its impact on the airline. Ryanair will hold its annual general meeting today.
Second line stocks were largely unable to buck the downward trend with the exception of Paddy Power, which was one of the few to make progress. It added 15 cent to close at €14.80. McInerney was the other strong performer, managing to add 20 cent to €8.40.
Elan, which enjoyed a bounce on Tuesday following confirmation that it may reintroduce its Tsyabri drug, failed to sustain progress. Elan ended at €6.70, down 19 cent.
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