London's 1 per cent fall and Wall Street's moves from early gains to hefty midday losses, failed to knock the Irish market significantly, with continued support for the financial stocks outweighing further weakness in front-line industrials.
Dealers see little change in the pattern in the short-term, with financials continuing to draw support and industrials out of favour, especially those exposed to the beleaguered economies of the Far East and weak currencies of the southern hemisphere economies.
The interim reporting season will, of course, impact on individual stocks. Of this latter group, Independent shares continue to take a hammering, although no great volume has been involved in the recent selling.
Yesterday, Independent closed down 15p at 305p, its lowest level for the best part of 18 months and a long way off its 475p high.
Waterford Wedgwood, another stock that has suffered from its Far East exposure, closed unchanged on 85p while Smurfit - whose linerboard prices are heavily influenced by demand from Far Eastern manufacturers - was 2p easier on 165p.
Among the financials, AIB - which reports interims today - was 13p higher on £10.90. Other financials were also firmer, except Bank of Ireland which eased 5p to £14.30.
Anglo Irish gained 5p to 196p, Irish Life added 5p to 640p, while Irish Permanent was unchanged on 910p.
The sell-off in the UK also hit CRH, which fell 35p to 900p - its lowest level since early this year. Avonmore Waterford gained 10p to 300p, while Golden Vale was 1p easier on 110p ahead of interims on Thursday. Goodbody has pencilled in pre-tax profits of £9.4 million and EPS of 5p, although these forecasts include the £2 million profit on GV's sale of its Donegal Creameries shares.
