Profit-taking pulls down Dublin market

Having made almost “obscene gains” yesterday according to one broker, there was little surprise when a bout of profit-taking sent the Dublin market lower today.

At 12.52pm the Iseq index of Irish shares was down almost 1 per cent or 36 points at 4,379.

Raynair shares, which rose almost 15 per cent yesterday held onto gains as oil prices fell to three-month lows as it eased marginally ahead today to €2.59.

Anglo Irish Bank was another stock on the up, adding over 3 per cent to €5.90 on relatively strong volumes. CRH, too, enjoyed a positive opening after yesterday's 6 per cent gain, adding another 18 cents, or €17.29.

However, there was more movement among the fallers, with Elan shedding 3.5 per cent to €7.37 and Irish Life and Permanent easing down over 2 per cent to €5.86.

Following a 12.9 per cent gain in AIB shares yesterday, profit-takers were busy this morning as the stock was sold off, sending it 1.6 per cent lower at €8.59.