Market report: The stock market closed lower yesterday as results from Eircom and Elan failed to lift the ISEQ, despite broadly matching analysts' expectations.

More than 12 million Eircom shares were traded as the stock shed 3 cent, or 1.5 per cent, to €1.96. Dealers said that although the figures were "fine", concerns about broadband take-up in January and increased competition in the sector took some of the gloss off the share price.

Shares in drugmaker Elan gave up 49 cent, or 2 per cent, to €21.55 in Dublin, while also losing ground in New York in the wake of fourth-quarter results.

Despite what one analyst described as a "robust" set of figures, and upbeat comments about the company's multiple sclerosis treatment, Tysabri, the shares fell amid concern that rollout costs will be higher than expected this year.

Elsewhere, activity was more muted as the banking stocks had a relatively dull day.

AIB closed three cent higher at €15.47, Bank of Ireland was up by six cent to €12.33 while Anglo Irish Bank gained 12 cent to €18.95.

Only Irish Life & Permanent lost ground, closing 17 cent lower at €13.90.

Outside of the financials, Paddy Power was in good shape, dealers said, as the stock gained 42 cent or 3.6 per cent to €12.15 despite the lack of an obvious catalyst for the rise.

In contrast, United Drug lost 11 cent or 2.9 per cent to €3.64.

Building materials group CRH gave up 20 cent to €21.10 despite support from the Bush administration for a $284 billion US highway funding programme.

In the food sector, activity was also lacklustre.

Greencore closed one cent lower at €3.33, IAWS lost 15 cent to €12.00 and Kerry gave up five cent to €18.40.

There was no change to DCC or Fyffes, which closed at €18.00 and €2.01, respectively as their court action continues.

In the technology sector, Iona lost 30 cent or 6.4 per cent to €4.40, reversing recent gains.

Settlement Day: February 11th