Irish Life & Permanent was the biggest mover on the Irish market yesterday, shedding 60 cents to €12.18 after announcing that first-half profits were hit by weak equity markets.

More than two million shares changed hands as the market braced for downgrades to the full-year results.

Other leading financial shares were also hit with Bank of Ireland closing 30 cents lower at €10.90 while Anglo Irish Bank lost six cents to €6.16.

AIB proved an exception to the general weakness among financial shares, gaining 13 cents to €12.18, having traded as high as €12.35, on news that the bank was likely to sell its fraud-hit Allfirst subsidiary in the US.

Industrial stocks turned in a mixed performance. More than five million CRH shares were traded as the stock gained 25 cents to €14.80 in the wake of solid first-half results. But Ryanair remained under pressure, despite closing two cents higher at €5.37.

Dealers said the recent hijacking attempt, allied to concerns ahead of the first anniversary of the September 11th attacks, were weighing on the airline sector generally.

Despite reporting a good set of first-half results on Tuesday, Kerry shares gave up ground, losing 25 cents to €14.65. Tullow was another stock to slip back in the wake of good results, closing 12 cents lower at €1.42.

Elan also closed weaker, down 20 cents at €2.80, despite receiving some good news on the drugs approval front.

More than 5.5 million Dunloe Ewart shares traded, although the share price was little changed, finishing two cents higher at €0.31.