Iseq sheds 3.5% tracking falls in values across Europe

Iseq: 2,430.12 (–88.16) Settlement date: October 7thEAGLE-EYED readers of this newpaper's reports on the Dublin exchange will have noticed there are only five stocks mentioned in the "movers" list over today's headline.

This is because while there was an abundance of names for which the movement in their share price was in negative territory at day’s end, there were only two that experienced growth in the direction most pension scheme participants want to see.

As one trader put it when asked to sum up the market, it was “straight down from the get go”.

Gloom about the euro and about the world economy generally meant buyers were as scarce as cold calls from Irish banks trying to sell customers loans.

However, the story of the day was the absence of buyers rather than an outbreak of panic sales.

The Irish market was dragged further down by the size of CRH and the negative sentiment towards its sector, as its debt-laden Mexican compatriot, Cemex, fell sharply in value on the New York exchange. CRH finished the day at €11.32, or 4.87 per cent lower than it was at the day’s outset.

Another heavyweight on the Dublin exchange, Ryanair, fell by 3.44 per cent, to close at €3.20. Again it was affected by sentiment towards its sector.

It comes as no surprise that Ireland’s financials (Bank of Ireland) were not a sought-after category of share either. Irish banking’s lone ranger closed down 3.9 per cent, at 7 cent. Given what was happening elsewhere in the euro zone, it was not a bad performance.

There were a few buyers out there for food group Aryzta, which closed at €33.45, a rise of 0.04 per cent.

United Drug topped the poll, closing at €2.3. This was a rise of 1.32 per cent on a day when the Iseq fell 3.5 per cent.