After playing a waiting game yesterday the Irish Stock Exchange digested the interest rate decision from the US Federal Reserve last night and woke up with a sore head.
In unison with Wall St, which fell after the lower than hoped for quarter-percentage-point cut, the ISEQ was down in morning trade and by 11.30am was off over 1.5 per cent or 110 points at 7202.
The banks have suffered the brunt of the fall. Irish Life and Permanent shares are down at 41 cents or 2.9 per cent at €13.34, following up yesterday's fall of almost 3.5 per cent. Irish Life and Permanent will issue a pre-close trading statement.
Anglo Irish Bank stocks were down 2.8 per cent on €10.97 while Bank of Ireland shares shed 29 cents to €10.40, a decline of 2.7 per cent.
After a strong performance yesterday CRH shares came under pressure today and at 11.30 were down 63 cents to €26.11, a fall of 2.4 per cent.
In the building-related sector was also under pressure with Grafton Group giving up yesterday's gains and more in a 4.4 per cent fall to €6.06 while Kingspan shares were off over half of one per cent at €14.78. McInerney shares have fallen almost one per cent to €1.32.
Among the other significant fallers, C&C group has seen its shares drop over 3 per cent to €4.05, a drop of 13 cents.