DUBLIN REPORT: Iseq: 2,858.28 (-92.77) Settlement date: August 20th"WE THOUGHT all these days were behind us, but no such luck," remarked a trader on the Dublin market yesterday.

The Iseq index succumbed to the global sell-off sparked by disappointing US consumer data and led the fall in Europe yesterday. The index shed 3.14 per cent to close at 2,858.28, while its peers across Europe lost between 1.5 and 2 per cent.

The financials were hit hard, with the two main banks trading down on reasonably strong volumes. Allied Irish Banks (AIB) tumbled 7.5 per cent to €2.06, losing all of the ground made on Friday on the back of an informal investment approach from Canadian Imperial Bank of Commerce.

Bank of Ireland closed at €2.01, down 6 per cent, while Irish Life Permanent slipped 5 per cent to €3.75.

Elsewhere, Greencore was weak, trading down by almost 6 per cent to €1.27. It was announced yesterday that Ulster Bank had acquired certain rights relating to a 16 per cent stake in Greencore, which the market interpreted as belonging to Liam Carroll. “The market was wary that there could be a placing of those shares and therefore the share price traded lower,” one broker said.

Construction stocks also suffered and index bellwether CRH dragged the Iseq lower. Results reported by US home improvements company Lowe’s came in below expectations and weighed on the whole building sector. The Dublin-based cement giant fell more than 3 per cent – or 58 cents – to €17.51. Grafton Group closed at €3.13, down almost 8 per cent.

Food stocks weren’t immune with Aryzta losing more than 4 per cent to finish just below €23.48.

Although the Iseq underperformed, one broker pointed out that it remained “way ahead” in the year to date. “It’s still up about 22 per cent, whereas the FTSE 100 is up only 5 per cent,” he said.