Further weakness in the Elan share price dragged the ISEQ index lower yesterday on continuing weakness in the pharmaceutical sector.

Elan, which accounts for some 25 per cent of the overall Index, lost #3.40 to end at #69.60 but there were mixed fortunes for other stocks.

AIB enjoyed a good run with the shares adding 25 cents on the day to #13.40 as it finally caught up with the rally in financial stocks in recent weeks. Bank of Ireland was unable to make any progress, closing unchanged at #11.70. There was substantial trading in Irish Life & Permanent shares which gained six cents to #14.25 as the market favourably viewed the imminent sale of two of its three US businesses. Anglo Irish Bank was stronger at #4.38, up four cents.

Eircom went a cent stronger to #1.27 with heavy trading in the shares reported in London mainly due to hedge funds unwinding positions.

CRH slid 20 cents to #20 while Smurfit put on four cents to close at #2.17.

Ryanair reported a strong set of results, with significant increases in annual profits and passenger numbers. The shares responded, rising 2.38 per cent to #12.45.

Fyffes also put in a good performance helped by a bullish trading statement, which indicated a strong start to the year and a more favourable outlook for the banana market. The shares rose 10 cents to #1.18.

International stock markets were listless yesterday and there are hopes that the Federal Reserve meeting today will provide some direction.