Tech-light market holds firm amid the carnage

Given the latest carnage on world technology markets, the Irish market did well to confine its losses to less than 2 per cent.

The absence of any sizeable technology shares on the home market is the main factor behind Dublin's comparative resilience. Although many of the leading Irish financial and industrial stocks lost ground the worst the market will probably do is track the FTSE 100 and Dow, with strong corporate results likely to limit the losses.

CRH remained in strong demand as its massive deep discount rights issue goes through the process and the shares closed up 34 cents on #18.44, as the market waits for confirmation of the #300 million-plus acquisition of the Finnish concrete manufacturer, Addtek. CRH's nil paid rights, which give buyers the rights to buy the new shares at #10.50, were marginally firmer.

Financial shares were lower across the board with AIB down 16 cents on #11.38, Bank of Ireland 22 cents lower on #10, while Irish

Life lost 30 cents to #12.70 despite a bullish research note and a "add" recommendation from ABN Amro. Eircom did well to close in positive territory despite weakness in the Vodafone share price in the wake of the TMT sell-off.

There was barely a trace of black ink among technology shares and in London, Baltimore - with the 3i overhang still there - was 12p lower on 208p sterling. Among the Nasdaq-listed shares, Iona was down almost 10 per cent on $33 1/2 in midday trading while SmartForce was also sharply lower. Trintech's recovery in the Neuer Markt came to a halt and the share dealt down 10 cents to #2.45.