MARKET REPORT:  The Irish Stock Exchange closed the day 0.84 per cent weaker in line with other European markets, which were down between 1 per cent and 1.5 per cent yesterday. The ISEQ was 41.66 points down at 4,922.69.

Settlement Day: June 23rd

Very few shares showed gains yesterday, with both financials and industrials finding themselves under pressure. One of the few stocks to buck the downward trend yesterday was pharmaceuticals company Elan which was 50 cents stronger at €8.20, albeit on light volumes. Kerry Group also gained on the day, advancing 10 cents to €15.80, while Grafton picked up four cents to close the day at €4.54.

Elsewhere, most of the industrial stocks were weak. Building materials group CRH dropped some 3.7 per cent or 66 cents to €17.34 with more than 1.4 million shares traded.

Trade in paper and packaging group, Smurfit, still accounted for the bulk of the business, with more than 30 million shares changing hands in strong two-way trading. The stock finished the day three cents down at $3.14.

Ryanair was also under a lot of pressure yesterday and it dropped in line with other European airline stocks. British Airways' decision to cut its fares radically across Europe, although more likely to affect its rival Easyjet, also helped push the stock down. It closed the day 16 cents weaker at €6.55.

Financial stocks also suffered but not as much as the rest of the market. AIB dropped 11 cents to close the day at €13.83, while rival Bank of Ireland was 14 cents weaker at €12.56. Anglo Irish Bank was a cent down at €6.53, with Irish Life & Permanent dropping four cents to €15.44.