Dublin stock market falls further 1.5%

The Dublin market has fallen again this morning as international stock markets remain under pressure about US credit risks and rising interest rates.

At 12.30pm the Iseq was down over 1.5 per cent, or more than a 100 points in a week that investors have seen over €8 billion wiped off the value of their shares. Some €3.2 billion of that fall came yesterday.

After taking a pummeling yesterday in a 4 per cent one-day fall yesterday, Bank of Ireland shares were marginally ahead at €13.58. However, the stock is down almost 10 per cent this week, cutting more than €1.3 billion off the company's market capitalisation.

AIB has also been under pressure, falling 3.4 per cent yesterday, and today its shares were down slightly at €18.04.

While these two banks have seen their share price stabilise today, the news for Irish Life and Permanent is less positive. On the back of a 3.8 per cent fall yesterday the stock is down 35 cents at €17.25, at long way from the year high of €23.09.

Shares in fruit importer Fyffes were up 10 per cent at €0.88 on the back of winning its Supreme Court appeal against the High Court's dismissal of its mammoth "insider trading" action against industrial holding group DCC. Shares in DCC fell 8 cents to €20.9.

Other stocks pulling the index down are Ryanair, off 18 cents at €4.7 and pharmaceutical company Elan, which was down 44 cents at €13.89. CRH shares, which have also had a tough few days, are down 50 cents at €32.2. At 12.30pm the Iseq was at 8344.93, down 1.56 per cent.

In London the FTSE 100 index of Britain's leading shares reversed earlier gains in choppy trade, although real estate stocks lent support despite concerns over US credit risks and rising interest rates.

At 11.14pm, the UK's main index was 16.1 points, or 0.3 per cent, lower at 6,235.1, but had pulled away from near four-month lows.