DUBLIN REPORT Iseq: 2,866.77 (-65.51 points) Settlement data: June 11th

A COMBINATION of political uncertainty over the weekend and the downgrading of Ireland’s debt rating yesterday by S&P weighed on the Iseq index, which slipped by over 2 per cent.

According to brokers, profit-taking was the main theme of the day.

Although AIBand Bank of Irelandsuffered as a result of this, both banks managed to bounce back from daily lows by the close of the session, thanks to underlying demand for the names.

Both banks touched a low of about €1.80 during the day, but AIB rebounded to just under €2.00 – a fall on the day of 11 cent – while Bank of Ireland finished off 12 cent at €1.92.

Irish Life & Permanentsucceeded in bucking the downwards trend in the financial sector, marked up 5 per cent to almost €3.73 as a few buyers came into market in the afternoon session and drove the stock higher.

The bellwether of the Iseq index, cement giant CRH, was off 30 cents on the day at €17.05.

Yesterday saw a pause in Ryanair's recent run of good form. The stock finished down almost 4 per cent at €3.61. Brokers attributed this to a little bit of profit-taking as some shareholders decided to follow the lead of chief executive Michael O'Leary who offloaded five million shares in the airline last Friday.

Elsewhere in the airline industry, Aer Lingusslid 6.15 per cent – or 4 cents – to 61 cent.

Meanwhile, recruitment group CPL continued on its upward trajectory, adding another 3.33 per cent – or 5 cents – to its share price, to close at €1.55.

Other winners on the day included bakery group Aryztawhich rose 11 cents to €22.61 and bookmaker Paddy Power, which traded up 6 cent to €17.46.

Glanbiaalso put in a strong performance, jumping almost 5 per cent to €2.78.