Dublin report:The Irish market put in a lacklustre performance yesterday, though volumes were better than they have been in recent days.

With little to write home about as far as the Iseq's main members were concerned, pharmaceutical group Elan stepped in and stole the show. Still, the move wasn't a good one, and the stock slumped 8.5 per cent in Dublin, to close down 87 cent, at €9.43.

Dealers attributed the decline to rumours emanating from the US that the company's joint venture with Wyeth had run into difficulties. Elan itself declined to comment but it is believed that investors were expecting an update on the progress of its Alzheimer's drug development programme later this month, something that may not reveal what they wanted to hear.

In the UK, the shares ended down 6.1 per cent at €9.56, while the American depositary receipts (ADRs) in the US were also lower in mid-afternoon trading.

Elsewhere, the moves were muted, with many of the index's main members ending the day flat. Dealers reported decent interest in Bank of Ireland, which saw 6.9 million shares change hands. The stock however closed unchanged at €17.13.

Independent News & Media continued to attract attention, with more than 2.4 million shares trading. The stock added three cent, or 1 per cent, to close at €2.99.

Ryanair was also active, with almost 6.2 million shares changing hands, though the stock was little changed, up just one cent, at €10.98. Dealers said they would have expected the stock to be a gainer given the significant decline in the price of oil, but the presence of a significant buyer in the market had hurt the price.

Drinks group C&C continued the recovery of some of its recent losses, rising 19 cent, or 1.6 per cent, to €12.24.