Anglo pressured in heavy trading as stock falls 23.2%

Anglo Irish Bank saw almost a quarter of its remaining value wiped from its share price today, with the stock declining 23.2 per cent to a closing price of 33 cent.

The stock continued to be obliterated by institutional sellers, putting pressure on its share price.

It was a heavy day of trading for the bank, with some 12.7 million shares in the bank changing hands. The bank traded as low as 28 cent at one point.

Overall, the Iseq index of Irish shares closed the session up 49 points, a rise of 1.9 per cent, on a relatively calm day of equities trading throughout Europe.

The other banks were stable, with AIB finishing flat at ¤2.24, Bank of Ireland falling 3.8 per cent to €1.00, down 4 cent, and Irish Life & Permanent dropping 2 per cent to €1.68.

Industrial holdings group DCC continued its good run, climbing 6 per cent as buyers snapped up the stock. It finished at a price of €11.25, up 64 cent.

Elsewhere, food group Aryzta fell 3.7 per cent, a loss of 9 cent to €23.15, after Goldman Sachs downgraded the specialist baked goods producer from "neutral" to "sell", citing an overreliance on premium products and the US market. Sandwich-maker Greencore, meanwhile, received an upgrade from Goldman Sachs and traded well, closing up 2 per cent at €0.95.

It was a volatile day for oil prices, although equity dealers noted that this was not reflected in Ryanair's movements, with the airline attracting decent trading volumes before closing off slightly at €3.22.