Market Report:The Irish market held up well yesterday as indices around the world took their lead from negative sentiment in the US.

The Iseq for once took its momentum from its own members, with strong performances from several companies, including DCC and Ryanair, helping to push it to a new closing record. Independent News & Media put an end to recent speculation prompted by several days of very busy trading with the revelation that telecoms entrepreneur Denis O'Brien had increased his stake in the media group to just over 5 per cent, from the 3 per cent previously held. The stock yesterday added four cent, or 1.2 per cent, to close at €3.30. Almost 2.3 million shares changed hands, more than the three-month daily average but below the substantial volumes that have been trading in recent days.

Fyffes and its property spin-off Blackrock were again in demand, with almost 11.3 million Fyffes's shares changing hands and 14.6 million Blackrock units trading. Both stocks have been under scrutiny amid rumours that someone is seeking to build up a stake in one or both of the companies with a possible view to taking over Blackrock.

Fyffes closed up two cent, or 1.8 per cent, at €1.15, while Blackrock was unchanged at the close on 55 cent. Elsewhere, Ryanair continued to benefit from the strong results and profit upgrade it announced earlier this week. The shares added 14 cent, or 1.2 per cent, to end the day at €12.19. As many as 4.4 million shares changed hands. DCC had another good day, continuing the gains it put in on Wednesday. The shares closed up 84 cent, or 3.4 per cent, at €25.94.

Recruitment group CPL also continued its upward run, gaining 15 cent, or 2 per cent, to close at €7.65.