Market ReportThe Irish stock market gave up further ground yesterday as stocks drifted lower across the board.

Dealers said Anglo Irish Bank again proved the dominant feature of the day with some seven million shares changing hands as the stock remained under pressure.

The shares closed eight cent lower at €13.22.

The other main banking stocks also slipped back, with AIB losing 21 cent, or 1 per cent, to €19.54 as it introduced free banking.

Bank of Ireland finished eight cent lower at €15.27 while Irish Life & Permanent edged down by two cent to €19.98 despite Citigroup's decision to increase its share price target for the stock to €21 from €17.

The broker said the increase reflected the fundamental fair value with a little bit extra for speculation.

Shares in CRH also finished lower, closing down 24 cent at €28.75.

The company's ADRs began trading on the New York Stock Exchange yesterday, having transferred from the Nasdaq.

In the food sector, Greencore bucked the general downward trend to add five cent, or 1.3 per cent, to €3.95.

The announcement that ownership of Dermot Desmond's 21.2 per cent shareholding was being transferred to a Dutch company, also owned by Mr Desmond, was regarded as being technical.

Other food stocks did not fare as well, however, with Kerry losing 30 cent, or 1.5 per cent, to €19.45.

Ryanair was another of the day's losers, shedding 13 cent or 1.7 per cent to €7.62.

Despite issuing an interim trading statement in line with market expectations, shares in United Drug lost four cent, or 1 per cent, to €3.88.

Eircom lost one cent to €2.13 as investors continued to wait for a firm approach from Babcock & Brown while Independent News & Media shed two cent to close at €2.65 as volumes returned to normal.