Dublin report:More than €2 billion was wiped off the value of the Irish market yesterday as negative sentiment around the world helped push the index to closing levels not seen since December.
Stock markets around the world all performed negatively, again prompted by worries about the subprime mortgage market in the US.
However, as has become the norm, the Iseq index of Irish shares suffered more than most, spending the majority of the day down about 2 per cent. Other European markets only fell significantly towards the end of the day.
In Ireland the financials were the main contributors to the decline, with Bank of Ireland falling more than 3 per cent, to close down 45 cent, at €14.25.
AIB fell 2.9 per cent, or 57 cent, to end the day at €19.45, while Anglo Irish Bank dropped 1.7 per cent, or 24 cent, to €14.21.
Irish Life & Permanent was also a loser, closing down almost 3 per cent, or 56 cent, at €18.39.
Elsewhere, Independent News & Media was badly hit, though volume was not heavy, with only 1.1 million units trading. Shares in the media group, which has been the subject of a buyback, fell 4.7 per cent, or 16 cent, to end the day at €3.24.
Food groups Greencore and Kerry closing down 2.1 per cent and 3.3 per cent respectively at €5.19 and €19.80.
Homebuilder McInerney was also a big loser, dropping 9.8 per cent, or 23 cent, to end the day at €2.13. The stock has been out of favour for a while, and the lack of buying interest yesterday helped to push it even lower, said dealers.
Only two stocks, Paddy Power and Providence Resources, escaped the onslaught, with the bookmaker clawing back some of Monday's losses to close up 10 cent at €23.90. Providence ended the day at €0.081.
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