The Irish market continued its poor start top the New Year by falling 116 points to 5,628 as Irish technology stocks came under heavy selling pressure. Software infrastructure company Iona Technology bore the brunt of the sell-off falling euro 16.43 or 22.7 per cent.
There was more bad news for eircom shareholders as British telecom giant Vodafone, eircell's new owner, fell 6.8 per cent in London today. Eircom shed 6 cents to slump to euro 2.54.
Financials also looked weaker after the ECB indicated today that eurozone interest rates will be kept at their current level. Bank of Ireland fell 5 cents to euro 10.60, Irish Life & Permanent was off 8 cents at euro 8.90 but AIB edged modestly higher, up 1 cent to euro 13.08.
London's benchmark FTSE 100 closed with hefty losses for TMT stocks today fuelled by overnight and opening losses on the Nasdaq.
At the close, the FTSE 100 was 134.8 lower at 6,039.9 with technology issues leading the slide.
Autonomy, the software group was the biggest percentage loser, down 17.3 per cent. It was followed by fellow software companies, Misys which lost 12.3 per cent, Logica which was 10 per cent lower and Sage Group down 8.9 per cent.
All the usual technology suspects followed suit with CMG down 11.7 per cent, ARM Holdings 6.8 per cent lower, Hays 5.7 per cent down and Capita Group off 7.3 per cent.