MARKET REPORT: The Irish stock market lost ground yesterday but dealers said trading was lacklustre as the arrival of summer time cut the trading overlap with Wall Street.

The US does not move to summer time until next week so US trading does not begin until 3:30pm Irish time, an hour later than usual.

Independent News & Media was one of the main features of the day as management took to the road following the release last week of 2005 results and amid speculation of further stakebuilding by Denis O'Brien.

Shares in the company edged up by two cent to €2.57 as the company also announced a small acquisition, the purchase of a Northern Irish property website.

Aside from Independent News & Media, smaller stocks provided many of the highlights of the day.

Shares in financial services group IFG added seven cent or nearly 3.5 per cent, to €2.09. Earlier, the company announced that chief executive Richard Hayes was resigning with immediate effect. Deputy chief executive Mark Bourke will take over on an interim basis while Mr Hayes will remain on as a non-executive director with the group.

On the IEX, Irish Estates jumped by 23 cent, or 9.8 per cent, to €2.58 after signing a €14 million services deal with BT.

Exploration stocks were active. Kenmare Resources surged by 10 cent, or nearly 16 per cent, to €0.73 as it raised its target for the amount of metal resources contained in its Moma titanium mine in Mozambique by 40 per cent. Other movers included drink and snacks group C&C, which lost 10 cent, or 1.8 per cent, to €5.45 as it emerged that US investment house, Fidelity, has been a recent seller of the stock. Fidelity has cut its stake in the company to 8.9 per cent from 9.7 per cent following the sale of 2.65 million shares.

Dealers said Eircom shares came under some pressure, slipping by two cent or 0.9 per cent to €2.16.