The bad run for Irish stocks shows no sign of abating as the Iseq plunged by 3.9 per cent this morning as further turbulence hit global financial stocks.
Shareholders confidence was not helped by another new low for the dollar this morning coupled with oil rising to touching distance of the psychologically important $100 a barrel mark.
Unlike yesterday, when the Iseq index of Irish shares significantly underperformed its European peers, today's fall is in keeping with falls across European markets as credit jitters continued to weigh on global financial stocks.
AIB, which yesterday fell 3.2 per cent, or 45 cent, was off 54 cents by noon at €13.07 while Bank of Ireland followed up yesterday's 1.5 per cent fall by shedding a further 72 cents this morning to €9.11. Bank of Ireland shares have fallen from a high of €18.83 earlier this year.
Yesterday's worst performer among the financials, Irish Life & Permanent has seen its shares drop 73 cents in value to €11.92. Irish Life & Permanent shares closed down 4.4 per cent last night.
Anglo Irish Bank, which emerged largely unscathed yesterday, saw loses more in sync with the market this morning and has shed 41 cents to €8.74 by midday.
Outside the financials there is little or no positive news. Market heavyweights; CRH off 50 cents at €22.54, Ryanair off 24 cents to €4.58 and Smurfit Kappa off 103 cents to €10.87, were all under pressure today.
Pharmaceuticals distributor United Drug, which today reported a 10 per cent rise in profits on the back of €1.58 billion worth of revenue, saw its shares fall 5 cents to €3.30.
Were the Iseq to close down 3.9 per cent more than €3 billion would be wiped off the value of Irish shares.