Dublin Report Settlement Day: January 14thThe Irish stock market gave up some of its recent gains yesterday, shedding 20 points against a weak international backdrop.

Despite a decent set of results from AIB's US associate, M&T Bank, the financial sector lost ground. AIB shares were among the better performers, shedding just 5 cent to €15.50 despite Merrill Lynch's decision to downgrade its forecasts for the bank. Bank of Ireland fell more sharply, losing 34 cent, or 2.7 per cent, to €12.06, while Anglo Irish Bank gave up 29 cent or 1.5 per cent to €18.88 after a recent strong run.

Elsewhere, the picture was mixed. Among the gainers on the day were Paddy Power which added 32 cent, or nearly 3 per cent, to €11.15 after it issued a trading update saying its 2004 results would be within the range of market expectations.

CRH notched up another 19 cent to €20.10, while Grafton gained 17 cent or 2 per cent to €8.67 ahead of an expected trading statement today.

Kingspan, which is also expected to comment on trading today, lost 2 cent to €17.93.

DCC added 30 cent, or 1.8 per cent, to €17.30 as the share price shrugged off the impact of the resumption of its High Court battle with Fyffes. But shares in the fruit company did not fare so well, losing 4 cent, or 2 per cent, to €1.95.

Waterford Wedgwood shares were unchanged at €0.07 as the group announced the successful completion of its €100 million rights issue.

In the food sector, Greencore lost 5 cent to €3.14 as speculation mounted that it was planning to close one of its sugar plants.

Kerry Group continued to languish, giving up a further 2 cent to €17.93.

Pharmaceutical group Elan moved ahead, gaining 15 cent to €21.45.

Ryanair had a quiet day, nudging up by just 1 cent to €5.76.

In London, Vodafone shares lost 0.7 per cent amid mounting concerns about the performance of the company's business in Japan.