The Irish stock exchange shed almost half a per cent yesterday, drifting lower in subdued trade in sympathy with negative performances in both London and New York.
The FTSE hit a two-week low as share prices of technology, media and telecom stocks tumbled on concern about the economic outlook. New York was showing an equally dismal performance with both the Dow Jones index and the Nasdaq heading lower in afternoon trade.
In the domestic market, Bank of Ireland dropped 20 cents to close at #11.35 and Allied Irish Banks fell five cents to #12.90. Pharmaceutical company Elan Corp, whose weighting accounts for nearly a quarter of the ISEQ index, dropped 60 cents to #67.25.
Independent News & Media bucked the downward trend gaining two cents to close at #2.65 buoyed by a positive statement on expected performance for 2001.
Executive chairman Sir Anthony O'Reilly told shareholders at an annual meeting that he expected results for 2001 to show an improvement on last year and said group operations in Australia and the UK were performing well despite tough local market conditions.
Technology group ITG also moved ahead adding 10 cents to #5.50 on news of a 46 per cent increase in annual core earnings.
ITG, which is in the process of changing its name to Alphyra Group, said net turnover for the year to end April rose to #88.5 million from #54.5 million the previous year and earnings before interest tax, depreciation and amortisaton increased to #8.0 million from #5.5 million.
