Market Report: Kingspan and Irish Continental Group (ICG) were among the main points of interest on the Irish stock market yesterday as both released full-year results.

Shares in the building materials company lost 10 cent to €11.80, despite releasing a strong set of results for 2005.

Dealers said that the absence of any significant upgrades prompted some profit-taking in the stock, which has gained more than 40 per cent over the last 12 months.

ICG fared better as shares in the shipping company added 10 cent to €11.95 as the results matched analysts' expectations. Dealers said the stock benefited from the view that the worst was over for the group.

Shares in Elan also advanced as investors took the view that its multiple sclerosis treatment, Tysabri, would be allowed to return to the market, albeit in limited form, following a two-day Food And Drug Administration hearing in the US, which begins today.

In Dublin, the stock closed 39 cent, or 3.8 per cent, higher at €10.60.

But the main trading took place in New York, where 9.5 million shares had changed hands by the Irish close as the stock advanced by 1.8 per cent to $12.72. Banking stocks moved ahead, with AIB adding 19 cent to €19.14, Bank of Ireland up 20 cent at €15.10 and Anglo Irish Bank gaining 10 cent to €13.65.

But Irish Life & Permanent lost ground ahead of Wednesday's results, closing 32 cent, or 1.7 per cent, lower at €17.98.

CRH, which reports its 2005 figures today, added 30 cent to €27.55, although dealers said that volume in the stock was light as investors awaited the company's comments.

Elsewhere, dealers reported interest in C&C, which added nine cent to €5.74 while Grafton continued to edge higher, adding 14 cent to €10.30.

Fyffes also had a good day, gaining eight cent or 3.7 per cent to €2.23 following last week's results, while United Drug was up by 10 cent to €3.87.