Market Report:The Irish market continued its recent negative run yesterday, though it did recover some of its losses towards the end of the day.

The Iseq dropped 19.65 points to close at 7,405.13.

The biggest news of the day concerned drugmaker Elan, which revealed yesterday that the US Food & Drug Administration will meet on March 7th to discuss the future of Tysabri, the multiple sclerosis drug it developed with partner Biogen.

The drug was withdrawn from the market last February after one of its clinical trial patients died of the rare brain and spinal-chord infection progressive multifocal leukoencephalopathy (PML). Two further cases of PML have emerged since.

Analysts said that while the meeting will likely pave the way for the return of the drug to the market it may also throw up some short term worries.

The stock fell 27 cent, or 2.3 per cent, to €11.53.

Elsewhere CRH had a good day, rising 31 cent, to close at €25.64 on the back of positive news from a fellow builder in the UK.

Wolseley reported a 25 per cent increase in sales in the five months to the end of December and said it was making positive progress in the US. This bodes well for CRH, which makes about half of its sales in the US.

Elsewhere drinks and snacks maker C&C also had a good day, adding 9 cent, to close at €5.67, while CPL Resources, which is due to release its interim results yesterday, added 5 cent, to close at €3.75.

Elsewhere, Ryanair shares continued the decline they made on Friday, losing 6 cent, to end the day at €7.74 on the back of the rise in the price of oil.

The financials meanwhile were mixed, with Bank of Ireland bucking the general negative trend and adding 7 cent, to close at €13.65.

Irish Life and Permanent was the biggest loser among the banks, dropping 18 cent, to end the day at €16.95.