The ISEQ entered a holiday weekend in characteristically quiet fashion, ending 0.33 per cent down on the day. Iona Technology's profit warning provided the news focus as shareholders reacted to the disclosure that a quarterly loss of "between three cents a share and break even" would be made compared to a 10 cents a share profit for the same period last year.

The 46 per cent drop from #28.0625 (£22.10) to #15.25 (£12.01) was not surprising, dealers said, given the extent of the profit warning and the high-multiple, high-growth nature of the company.

On Nasdaq, the news was worse. At the close of the Dublin market, Iona had shed more than half its value in the US, going from $30 3/8 (#28.10) to $14 5/8 (#13.51). The banks had a mixed day, with AIB gaining five cents, closing at #16.05 (£12.64), while Bank of Ireland shed 10 cents to close at #19.30 (£15.20).

Merger partners Irish Permanent and Irish Life saw little movement. Irish Permanent was unchanged at #14.10 (£11.10) after four deals, while Irish Life lost five cents to #8.95 (£7.05). Among industrial stocks, CRH was up six cents to #16.05 (£12.64). Powerscreen continued to attract shareholder interest on news of a possible takeover. The Northern Irish engineering stock rose a further 16p sterling, or 11 per cent, to £1.56 sterling (#2.31), following Wednesday's 45 1/2 p rise. Other second-liners had a more muted performance. Arnotts was back five cents to #6.60 (£5.20) following the announcement on Wednesday of a healthy 21 per cent increase in pre-tax profits. Waterford Wedgwood, whose annual report was issued yesterday, had a one cent rise to 74 cents (58p).