Market report: The Irish market took a turn for the worse yesterday after what had started out as a fairly positive week.

After bucking the general negative trends at the beginning of the week and moving upwards despite declines in overseas markets, the Iseq yesterday joined in with the other markets and headed downwards.

A lack of corporate news did little to boost light volumes.

The only major corporate news of the day came from Elan, but even a positive announcement about the possible return to the market of the group's multiple sclerosis treatment, Tysabri, failed to excite investors.

The stock dropped 11 cent, or 1.6 per cent, to end the day at €6.80. About 326,000 shares changed hands, compared with the three-month daily trading average of 262,000.

The pharmaceutical company is hoping the US Food & Drug Administration agrees to speed up the review process, allowing the drug to return to the US market as early as April. The decision on the pace of the review process will be known at the end of next month.

One trader said the drop in price was most likely linked to the general negative sentiment in the market, rather than the news that the company would not be pursuing Tysabri as a treatment for rheumatoid arthritis.

The financials were the busiest stocks, though trading remained light across the board.

AIB dropped 22 cent, or 1.3 per cent, to end the day at €16.90.

Bank of Ireland slipped 18 cent to close at €12.63, while Anglo lost 17, cent, closing at €10.90.

Irish Life & Permanent was also among the losers, ending the day down 10 cent at €14.25.

Another stock to get caught in the downward spiral was Ryanair, which dropped 20 cents, or 2.9 per cent, to end the day at €6.75.

Elsewhere, food group Kerry dropped 50 cent, or 2.8 per cent, to €17.15, while Kingspan, which deals in building supplies, lost 30 cent to end the day at €9.55.

Settlement Day: November 2nd