Irish shares tracked overseas markets lower yesterday despite a good set of results from market heavyweight CRH.

The building materials company reported a better than expected set of figures for 2005, with pre-tax profit rising by 16 per cent to €1.28 billion.

But the numbers failed to stem the general downward drift as the Iseq lost 0.5 per cent in sympathy with its overseas counterparts. Despite the solid results, CRH shares were not spared, closing 20 cent lower at €27.35.

Elan shares provided the other main talking point yesterday, as they surged by as much as 10 per cent in Dublin before being suspended ahead of a crucial meeting of the FDA to decide whether or not to allow multiple sclerosis treatment, Tysabri, to return to the market. They later lost some ground to close 70 cent, or 6.6 per cent, higher at €11.30 as the meeting began.

In the financial sector, Bank of Ireland was the day's big loser as it shed 31 cent, or 2 per cent, to €14.79 having outperformed its peers of late.

AIB gave up 16 cent to €18.98, Anglo Irish Bank was off 17 cent to €13.48 but Irish Life & Permanent bucked the downward trend to add seven cent to €18.05 ahead of the release of its results today.

The exploration sector was active as Tullow proved one of the day's winners. In Dublin, the shares added nine cent, or 2 per cent, to €4.54 after the company said it had found oil in a Ugandan well.

In London, their main market, more than nine million Tullow shares traded as they added 2.4 per cent to 310.75 pence sterling.

Providence was another strong performer, gaining nearly 10 per cent after it said a new production well was brought on stream in the UK.

But Dragon Oil lost around 10 per cent after the company said a blocked pipeline in Turkmenistan would cut its daily output by a quarter. The stock later recovered some ground to close 15 cent, or 4.3 per cent, lower at €3.30.