Dublin report: The Irish market continued its decline yesterday, dropping another 1.3 per cent and wiping a further €1.5 billion off the value of the index's components.

However, the Iseq did close off its daily lows and, after falling dramatically early in the day, actually rose to 9,511 at lunchtime before falling back to close at 9,408, more-or-less where it was trading at the start of the year.

What went on in Ireland was largely irrelevant though, as the index took its sentiment from overseas. Volumes were strong in some stocks, with investors taking advantage of the 3.5 per cent wiped off the index's value on Tuesday, dealers said.

Anglo Irish Bank was a particular beneficiary, with as many as 11 million shares changing hands in Dublin alone. As a result, the stock was one of the few to remain in positive territory, closing up just one cent, at €16.10.

Another busy stock was C&C, which saw as many as 22 million shares change hands in Dublin and a further 18 million in London. Despite reporting a sales increase of 25 per cent for the year to the end of February, the shares plunged almost 10 per cent on the back of lower than expected profit growth forecasts.

The stock was down €1.13 at €10.50, its lowest price since September 27th, and a decline that dealers said was exacerbated by the general state of the market.

Ryanair was a gainer, closing up 12 cent, or 2.1 per cent, at €5.76, a move dealers attributed to investors taking advantages of the declines seen on Tuesday.

Elsewhere, Irish Life & Permanent failed to inspire the market despite releasing better-than-expected full-year results.

The shares slipped 18 cent, to €21.42, a move that could be attributed to the general sentiment and in part to the group's cautious comments about the mortgage market.

Settlement day: March 5th