MARKET REPORT:PRE-WEEKEND WEAKNESS in equity markets meant that the Iseq index of Irish shares finished down 1.3 per cent yesterday, falling 80 points.

However, the drop was not as quite as sharp as those suffered by the FTSE index in London or in other major European indices.

Paper and packaging group Smurfit Kappa was the biggest faller on the day, plunging 6.6 per cent to €6.63, down 47 cent, as it was sold off aggressively by one seller.

Some 11 million shares traded in Anglo Irish Bank as its share price fell below the 50-day moving average for the stock. It fell 25 cent to €8.35, a loss of almost 3 per cent.

Cider maker CC was the highest climber, rising 4 per cent, as the stock was buoyed by speculation of merger activity within the drinks sector.

Global drinks giant InBev is rumoured to be looking to acquire Anheuser-Busch, a move that may have highlighted other share price valuations in the sector.

Irish Life Permanent, which held its agm in Dublin yesterday, did not see its stock react too violently to its trading update, although it did fall 18 cent to €10.68, down 1.6 per cent.

Fruit distribution group Total Produce announced that it had acquired a 60 per cent stake in two Dutch produce companies for a consideration of up to €23 million, and the stock climbed 1 cent to €0.64.

Industrial holdings group and headline makers DCC was unusually in the top five most traded shares of the day, with more than 1 million shares changing hands. The DCC stock fell 6 cent to €15.84.

Other movers of the day included Aer Lingus, which added 4 cent to €1.70, a climb of 2.4 per cent, and pharma group Elan, which fell almost 3 per cent to €15.62, down 46 cent.

Settlement date: May 28th