Market Report:Large declines in the share prices of some of Ireland's largest companies pushed the Iseq index of Irish shares to its lowest closing level in more than three weeks yesterday.

Negative sentiment in the property sector, prompted by a survey showing that house prices fell last month for the first time in more than five years and a lack of any other local news to provide a focus, sent the Iseq down 1.4 per cent to 9,470.

The drop, which came on the back of a similar decline earlier in the week, left the index almost €3 billion worse off than it was this time last week. The main culprits yesterday were those most exposed to the housing market, namely the mortgage-lenders and the construction companies.

Bank of Ireland led the way among the financials, falling 50 cent, or 3.1 per cent, to end the day at €15.66. Volume was decent, with 3.4 million shares changing hands.

Anglo Irish Bank was also busy, with 5.3 million units trading. However, with no exposure to the Irish mortgage market, the stock held up better, slipping just 14 cent, or less than 1 per cent, to €16.45.

AIB and Irish Life & Permanent though were both losers, dropping 51 and 45 cent, to close at €22.35 and €19.35, respectively.

Elsewhere, the likes of CRH, Kingspan and Grafton were also in negative territory, with building supplies group Grafton being worst hit, closing down 29 cent, or 2.9 per cent, at €10.68.

CRH lost 45 cent, or 1.4 per cent, to end the day at €31.85, while Kingspan fared slightly better, dropping just 20 cent, or 1 per cent, to close at €20.55.

On the positive side, mobile technology group Zamano was in demand, with nine million shares changing hands. The stock closed up 4.7 per cent, equal to just two cent, to close at 45 cent.