Summertime blues hit the ISEQ yesterday as the major banks and Elan moved back again and pushed the index down 3.2 per cent to its lowest level since December.
The pharmaceutical stock was down 14.7 per cent from €31.38 to €26.78 (£21.09), as speculation faded that it was a take-over target. On the New York Stock Exchange, by the close of the ISEQ, it was down 3.66 per cent at $28 (€26.78). Bank of Ireland's roadshow failed to impress against of backdrop of a possible rise in interest rates in the US, which would affect the value of bond portfolios. Bank of Ireland was back 3.2 per cent, from €17.05 to €16.50 (£12.99). AIB, meanwhile, suffered from a Standard & Poor's rating which maintains its Watch Neg following the bank's investments in Poland and Singapore.
Other financials recorded few changes yesterday. Anglo Irish was unchanged at €2.42 (£1.91), and First Active at €3.27 (£2.58). Irish Life & Permanent eased back 15 cents to €10.65 (£8.39) and Hibernian was back another 10 cents to €7.60 (£5.99) following bid speculation earlier in the week.
CRH moved back the equivalent of 10 cents to £11.84 sterling (€18.00) and Smurfit eased back three cents to €2.295 (£1.81).
DCC was back 10 cents to €7.90 (£6.22) following a statement from the management that the industrial holding group had made a good start to the financial year.
