MARKET REPORT: The Irish stock market closed slightly lower yesterday as a lacklustre performance from banking stocks took the shine off the likes of C&C and Paddy Power.

Shares in the drink and snacks group jumped by 40 cent, or 6.3 per cent, to €6.70 after it reported better-than-expected full-year results and said it hoped to deliver double-digit growth again this year.

Dealers said the figures, which included a generous dividend and better-than-expected debt paydown, had prompted upgrades which should support the share price.

In the banking sector, the focus was on Anglo Irish Bank, which reports interim results today. Shares in the bank lost five cent to €13.75 ahead of the figures. However, the numbers are expected to be good, with pretax profits of about €370 million and earnings per share of between 39.9 cent and 41.9 cent.

The rest of the sector lacked clear direction with AIB losing 11 cent to €18.86, Bank of Ireland up five cent to €14.75, and Irish Life & Permanent edging up by six cent to €20.85.

Other movers included Paddy Power, which gained 41 cent, or 2.9 per cent, to €14.66.

Dealers said there was interest in Independent News & Media, which added 30 cent to €2.53, while Fyffes gained a cent to €2.05 as shareholders approved the spin-off of its property interests into a new company.

But the building materials sector did not have such a good day. Kingspan gave up some of Monday's gains, losing 29 cent or 2 per cent to €13.62 as it confirmed it was in talks to buy insulation group Hytherm for €85 million. Shares in Grafton lost 17 cent, or 1.5 per cent, to €10.92 despite Morgan Stanley's decision to raise its share price target to €12.32 from €10.29.

It believes the share price performance should improve in the second half as price comparisons begin to ease and SSIA spending starts to flow into the economy.

Shares in Ryanair gave up 15 cent, or 2 per cent, to €6.82.