MARKET REPORT - Iseq: 6,118.37 (-117.17):RISING OIL prices and a hawkish statement from a European Central Bank (ECB) council member on interest rates provided the impetus for the Iseq in the absence of any real news from domestic players yesterday.

The Dublin market finished down 117.17 points, or 1.88 per cent, at 6,118.37 points.

The index was off 30 points by 12.30pm after AIB reiterated that it expected 2008 earnings growth in the low single digits, although admitted this could change if economic conditions deteriorate further.

Brokers gave the statement mixed reviews, with one believing the qualified nature of the statement had dented confidence in the stock given the uncertainty surrounding the economic outlook.

AIB closed the day down 12 cents, or 0.9 per cent, to €13.03. Bank of Ireland eased 2.2 per cent to €8.90. Anglo Irish Bank was sold off after a recent strong run, finishing down 5.4 per cent at €7.92.

Sentiment took a hit early afternoon after ECB council member Kleis Liebscher said rising oil prices - which hit a record $119 a barrel late yesterday - had left no room for interest rate cuts.

Aer Lingus dropped 11 cent, or five per cent, to € 1.89, while Ryanair shed 4.7 per cent to €2.63. The latter was downgraded by Morgan Stanley analysts, who cut the bank's price target for the company's stock to €2.

The rising oil price failed to offset news from Dragon Oil that it had abandoned a well in Yemen. Brokers said the stock had been oversold initially - after trading down 10 per cent immediately after the announcement.

One said this was particularly harsh as the company had not attributed any value to the prospect in its most recent accounts. The stock ended the day down three per cent at €6.15. Tullow Oil ended the day unchanged at €8.95.

Settlement date: April 25th