Market Report: The Irish market suffered along with its peers yesterday as uncertainty over the political situation in the Middle East, the continuing rise in the price of oil and several instalments of negative economic data kept investors away.

The Iseq dropped 2.2 per cent, hitting its lowest level for a month on a day one Dublin dealer summed up by asking why would you buy today when things could be even cheaper tomorrow?

CRH was one of the worst hit as the building materials group not only suffered from the general negative sentiment but also from a very weak homebuilding sector in the US, where the company does a considerable amount of its business. The shares dropped 95 cent, or 3.6 per cent, to end the day at €25.30.

Grafton was also hurt despite reporting first-half turnover had exceeded €1.4 billion - ahead of the year-earlier period - and that earnings would be in line with market expectations. The stock fell 45 cent, or 4.3 per cent, to close at €10.10, a drop one dealer attributed to comments about a slow start to the Irish DIY market as well as the general negative sentiment.

The financials all put in a lacklustre performance with weak demand across the board. Allied Irish was the worst hit, falling 58 cent, or 3.2 per cent, to €17.63, while Bank of Ireland was down 35 cent, or 2.6 per cent, at €13.35. Anglo Irish slipped 10 cent, or 0.9 per cent, to €11.30.

Elsewhere, the unrelenting rise in the price of oil did little to help Ryanair, whose shares fell 22 cent, or 2.9 per cent, to end the day at €7.28.

On a happier note, Readymix was one of the few gainers, adding 8 cent, or 3.3 per cent, to close at €2.48. The construction supplies group said yesterday not only does it expect first-half operating profit to be about 20 per cent ahead of the year-earlier period but its numbers would be boosted further by an exceptional gain of €21.5 million relating to the sale of a site on the East Wall Road.