Market Report:The Republic was out of favour yesterday, although for once it wasn't alone, with declines seen in markets across Europe and the US.
The Iseq index fell 2.1 per cent, wiping €2 billion off its value and taking it to its lowest close in more than a week.
There was little local news to drive sentiment and the impetus came from overseas as several brokers downgraded Citigroup, the US's largest bank, citing significant writedowns relating to the problems in the credit markets.
As a result, banks around the globe were hit badly, with the Irish financials no exception.
Bank of Ireland and Irish Life & Permanent suffered the most, both falling 4.6 per cent to end the day at €12.15 and €14.92 respectively.
Anglo fared slightly better, dropping 2.7 per cent, or 32 cent, to close at €11.28, although dealers reported significant pressure on the stock as almost 10 million shares changed hands in Dublin alone. Anglo has come under more pressure than most as a result of the nervousness surrounding the UK commercial property sector.
AIB, meanwhile, fell 3.1 per cent, or 54 cent, to end the day at €16.70.
Elsewhere, CRH remained under pressure as a result of its exposure to the US market. Its shares closed down 3 per cent, or 78 cent, at €26.56,.
Ryanair and Aer Lingus were losers as oil rose to yet another record high of $96 a barrel. Ryanair slipped half a per cent to close at €5.75, while Aer Lingus was down 0.8 per cent at €2.36.
Grafton was also a loser, falling 3.1 per cent, or 24 cent, to €7.45 after being an outperformer on Wednesday.
