Further weakness on the Nasdaq dragged some of the Irish technology stocks lower, and Baltimore in particular was sharply lower with many in the market taking the view that the surge which drove Baltimore beyond £120 was seriously overdone.
Some analysts believe a more reasonable level for the stock is below £100 as the shares were left offered on the LSE at £103.50, a fall of £6.50, followed by further heavy falls on Nasdaq where the shares were trading over $15 lower below $163 as European markets closed.
Fellow e-commerce stock Trintech was also weaker and dealt €7.40 lower on the Neuer to €92, followed by further losses on Nasdaq where the shares were trading $2 lower on $91 as Dublin closed. ITG, however, continued its staggering new year run and jumped €3.30 to a new €20.80 high on news of its investment in software group Orbis.
Elsewhere it was pretty with the market unimpressed by AIB's new on-line mortgage business. Dealers said the market would be hoping for some more substantive detail on AIB's Internet plans with this morning's results. AIB was 17 cents weaker on €8.60 while Bank of Ireland edged ahead three cents to €6.42.
DCC jumped another 30 cents, rising to €9.30, as it disclosed that it had sold the balance of its Fyffes shares at a top-of-the-range price of €3.90. It is an indication of the current demand for Fyffes shares that over 10 per cent of the shares have been placed in the market since DCC began selling last week and still the shares advanced 70 cents to €3.90.
Eircom was marginally firmer on €4.58 up one cent, Greencore continued to improve and added eight cents to €3.15, while Horizon succumbed to more profit-taking and lost 50 cents to €10.50.
