Iseq tumbles below 2,500 mark

The Iseq index tumbled back below the 2,500 mark today as it succumbed to the negative sentiment that resurfaced across global markets.

An upbeat performance by European equities on Wednesday proved a temporary reprieve, as fresh warnings about global growth rattled investor confidence once again.

The Iseq mirrored the falls suffered by larger equity indexes, giving up more than 4 per cent to close at 2,454.34.

One Dublin trader predicted that the Iseq's slump is far from over, and said the expectation is that it will revisit its recent lows. Earlier this month the index set a 12 month low when it touched 2,333.35.

Cyclical stocks such were the biggest fallers today. Building materials group CRH plunged almost 8 per cent, or 95 cent, to €11.45 after second quarter results from its peer Holcim missed estimates.

Paper and packaging group Smurfit Kappa also found itself in the firing line, and closed about 6.5 per cent lower, or 34 cent, at €4.90.

Elsewhere, Independent News & Media's (IN&M) share price tumbled almost 19 per cent, or 5.5 cent, bringing it to 24 cent. This slide came after NCB downgraded its earnings forecasts for the media group. Poor results from IN&M's Australian associate APN added to the downwards pressure.

A rout for world markets saw the FTSE 100 Index slump 4.5 per cent, while the CAC 40 in France and the DAX in Germany were both down more than 5 per cent.

Additional reporting - PA