Profit-taking in major international exchanges ensured that the Irish stock market's strong recovery since early October came to a sharp halt, with the market down by marginally over 1 per cent.
Many in the market believe that the next three week's trading may see the market tread water with substantial gains only likely if London and Wall Street forge ahead. There is little corporate news between now and the end of the year with Greencore's results this week, the Irish Permanent/ Irish Life merger and the Jurys/ Doyle merger the only items of note.
And of these, The Irish Times has already revealed the terms of the Jurys/Doyle deal - £94 million in cash and a combined 25 per cent of the enlarged Jurys Doyle group for the Doyle family.
Among the leaders, Bank of Ireland - the best performing financial in recent weeks - was hit hardest by the profit-taking and closed down 27p to £14, its lowest point during the day. AIB was 5p lower on £10.50 while First Active drifted 7p lower to 333p in thin trading.
Industrials were mixed with CRH going against the trend with a 5p gain to £10.35 while Smurfit was 1p easier on 134p as Smurfit Stone drifted lower on the Nasdaq as US markets retreated.
Dragon was 2p higher on 24p sterling as the Emirates National Oil Company confirmed the purchase of the Panigoro 46 per cent stake. Capital has been a seller of Dragon shares and disclosed that it has sold 800,000 shares in the past few days at prices between 18p and 20 1/2p sterling.
On Nasdaq, most of the Irish stocks were lower, the worst being Esat which was trading over $1 down at $36 3/8 as the Irish market closed.
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