For the second day running, AIB led the financial pack downwards. The bank's 11 per drop in value since last Friday means that AIB, in market capitalisation terms, has conceded top slot on the ISEQ to its client and market newcomer, Telecom. However, towards the close of trading, dealers said there may be signs of AIB bottoming out. One said that at €11.43 (£9) - a 77 cents drop on the day - the stock may represent good value in some investors eyes. Poor US results, in particular, in AIB's interims and the feeling among some British institutions that the Irish economic honeymoon is over were also suggested as being factors for the 6.3 per cent drop in yesterday's share price.
Other financial stocks were back in sympathy, according to one dealer, with Bank of Ireland down 10 cents to €8.50 (£6.69) and Irish Life & Permanent down 20 cents to €9.60 (£7.56). Anglo Irish managed to buck the trend, up five cents to €2.45 (£1.93), as did Norwich, up seven cents to €6.28 (£4.95).
Elsewhere the picture was less gloomy. Telecom Eireann out-performed in its sector, firming up three cents to €4.77 (£3.76) in index buying.
Industrial stocks CRH and Smurfit appeared to soak up most of the buying interest, continuing their good run. CRH was up 10 cents to €19.60 (£15.44) and Smurfit rose four cents to €2.82 (£2.22).
Pharmaceutical stock Elan was down 35 cents to €27.40 (£21.58) and on the New York Stock Exchange it was back 87.5 cents to $28.43 3/4 by the ISEQ's close.
Among the second-liners, Ryanair was back 25 cents to €9.40 (£7.40), Clondalkin was back 10 cents to €5.80 (£4.57) and Waterford Wedgwood was up one cent to 95 cents (75p).
