Market Report: The Irish market continued downwards yesterday propelled by the momentum built up earlier in the week, though volumes were strong in what one dealer described as a "huge" day for certain stocks.

One of those was food group Greencore, which saw more than seven million shares change hands as investors shrugged off the possible impact of bird flu on the company's business and helped push the stock to a 52-week high. One dealer reported significant new interest in the stock, as well as the return of so-called old money, on the back of a possible break up of the business. The shares added 13 cent, or 3.3 per cent, to €4.03.

Independent News & Media was the other stock in focus, with seven million shares changing hands. Dealers declined to say who was buying the stock though it is possible that entrepreneur Denis O'Brien may again have added to his stake in the group.

The shares dropped five cent, or 1.9 per cent, to €2.60.

The financials put in a lacklustre performance, though volumes were reasonable. AIB ended down 36 cent, at €18.90 while Bank of Ireland dropped 22 cent, to €14.90. Anglo was down 11 cent, at €13.12, while Irish Life & Permanent lost 25 cent, to close at €20.05.

Newcourt, listed on the IEX, lost two cent, to end at €1.45. Yesterday it announced the release of almost seven million new shares, equal to 10 per cent of its share capital, into the market. Take up of the new stock was good, dealers said.

Trinity Biotech was up 12 cent, or 6.4 per cent, at €1.99 yesterday, a day after it said it would raise $25 million (€21 million) through a US share placing.

Elan ended up 15 cent, at €11.75, after jumping as high as €12.10 earlier in the day on the back of positive news about its multiple sclerosis drug Tysabri.

Shares in DCC dropped 65 cent, or 3.4 per cent, to €18.50 after Fyffes said it would appeal the ruling in the court case it took against DCC. Fyffes stock slipped one cent, to €2.20.