Dublin report: The Irish market took a turn for the worse yesterday prompted by a glut of negative news.

Dealers proffered many reasons as to why the Iseq fell, but none were home-grown. The market was most likely influenced by lacklustre earnings from US group Tyco which dragged US markets lower, rumours about a possible terror threat in the US and the increasing likelihood of an interest rate rise in the euro-zone as soon as next month.

Yesterday's finance bill, which is expected to have a positive effect on the nation's banks because of the boost to pension investments, was released after the market had closed. Still, the positive sentiment that dealers said had already been factored into the sector's share prices failed to hold off the worldwide lull.

Irish Life & Permanent was the worst hit of the financials, losing 20 cent to end the day at €17.50.

Anglo Irish was down 16 cent, at €12.95, while Allied dropped 10 cent to close at €18.40.

Bank of Ireland meanwhile held up slightly better, losing only 1 cent to end the day at €14.15.

Drinks and snacks maker C&C was also hit, falling as low as €5.45 earlier in the day. The stock recovered slightly, however, closing down 4 cent at €5.53.

Ryanair was also weak ahead of a results announcement on Monday, a sentiment one dealer attributed to poor results from US airline Jet Blue overnight.

The stock lost 12 cent to end the day at €7.60. Another dealer said the recent sell off in the stock means that it is now well- placed to generate interest.

All eyes will be on the impact oil will have on the airline in the future.

IT group Horizon fell 2 cent to €1.22 after announcing a share placing to fund a UK acquisition.

Elsewhere CRH fared better as the stock benefited from positive sentiment in the US building sector overnight. The shares added 51 cent, or almost 2 per cent, to close at €26.40.