Market report: A poor performance from banking stocks again dragged the Irish stock market down yesterday, prompting the Iseq to close 29 points, or 0.4 per cent, lower.

Despite releasing a strong set of interim results, showing the bank headed into the second half with a record loan pipeline of €7.1 billion, shares in Anglo Irish Bank lost 28 cent, or 2 per cent, to €13.47.

Dealers said there was some concern about higher costs but the shares should be underpinned by the positive outlook for the bank, which reported a 35 per cent increase in first-half pretax profit.

The other banks were infected by the weakness. AIB lost 13 cent to €18.73, Bank of Ireland also drifted lower, shedding 15 cent to €14.60 while even Irish Life & Permanent, a strong performer of late, gave up 10 cent to €20.75.

Paddy Power was among the more prominent of yesterday's gainers, adding 49 cent, or 3.3 per cent, to €15.15 amid optimism about the bookmaker as it heads into a busy World Cup summer.

DCC, which releases full year results on Monday, added 49 cent, or 2.5 per cent to €19.79. Analysts expect the company to report a strong set of figures with earnings growth of 20 per cent expected.

In the building materials sector, Grafton and Kingspan turned in solid performances with the former adding 16 cent to €11.08 while the latter gained 26 cent, or 1.9 per cent, to €13.88.

CRH, however, gave up ground, losing 17 cent to €28.68.

Shares in McInerney added 10 cent to €13.00 as the company issued a solid trading statement at its annual meeting.

Ryanair shares nudged up by three cent to €6.85 as the airline named Marseille as its 16th European base and its first in France, a move described by analysts as an important strategic step.

Shares in United Drug gained 10 cent to €3.90 ahead of the release of interim results today.

The Iseq exchange traded fund ended nine cent lower at €15.95.

Settlement day: May 15th