Irish stocks fall amid Greek crisis

Irish stocks fell today as the Greek debt crisis and signs of weakness in the US economy continued to weigh on investor sentiment around the globe.

The Iseq index dropped 0.8 per cent to 2,864.89, compounding losses sustained in yesterday’s session.

One broker predicted that if US markets can hold their gains overnight, then it might “steady the ship” somewhat. However, he said investor nervousness could well intensify into the weekend in advance of crunch talks over a second bailout for Greece.

Very few Irish stocks recorded "up" days. United Drug delivered the strongest performance, rising more than 2 per cent, or five cent, to €2.32. Although the healthcare firm is continuing its share buy-back programme, a broker said this was a very gradual process and that the uplift was more likely due to an investor presentation held in London today.

Elan has enjoyed a strong run in recent weeks, but this stalled today, with the stock slipping more than 3 per cent, or 26 cent, to €7.30.

Aer Lingus saw some aggressive selling, although volume was not particularly significant. The airline closed 6 per cent lower, or about five cent, at 71 cent. One trader said this movement was “a bit puzzling” as there was no specific news out on the stock.

Elsewhere in Europe, Germany's DAX Index slipped 0.1 per cent, the UK's FTSE 100 Index lost 0.8 per cent and France's CAC 40 Index retreated 0.4 per cent.

Additional reporting - Bloomberg