Market update: CRH tumbles in early trade

The ISEQ index was down 20 points to 5,541.60 by midday as mainline stock CRH tumbled over 3 per cent in early trade.

Financial stocks were up on positive market sentiment with AIB gaining three cents to euro 13.25, Bank of Ireland ahead two cents on euro 9.62 with Irish Life and Permanent also ahead 2 cents on euro 12.30.

Independent shares gained five cents to euro 3.15 while fellow tech stock Iona soared 400 cents to euro 57.00. However Riverdeep weakened 20 cents to euro 3.10.

Drug stocks were quiet with Elan slightly off on euro 48.55 while United Drug and Unidare remain unchanged.

After a turbulent couple of days eircom shares are marginally off, down one cent on euro 2.49.

Food industry stocks were mixed in early trade with Glanbia off three cents on euro 57, Golden Vale was also down three cents on euro 0.99 while Kerry firmed slightly to euro 13.70, a rise of five cents.

Strong demand for technology, media and telecoms stocks continued to underpin the wider market towards midday, though the FTSE 100 index moved back from its morning highs on fears that Nasdaq could see some profit-takers move in after its meteoric performance overnight, dealers said.

At midday, the FTSE 100 index was up 36 points at 6,150.9, but well off its 6,178.5 morning high, with all of the wider indices posting good gains. The techMark was particularly well-bid, up nearly 84 points at 2,553.43.