Settlement Date: December 18th: The stock market lost a further 2.5 per cent yesterday after a poor performance by the main banking stocks and against a weak international background.

Bank of Ireland was the main feature, with nearly nine million shares traded in Dublin and a further five million changing hands in London. Although the shares ended unchanged at €9.95, dealers said it had been weak throughout the day amid concern about its exposure to the UK mortgage market.

The weakness took its toll on the other financial stocks with AIB closing 50 cents lower at €12.65 while Irish Life & Permanent shed 35 cents to €10.55 and Anglo lost 27 cents to €6.65.

The leading industrial stocks also suffered as global stock markets continued to give up ground. CRH lost a further 55 cents to €12.35 although, elsewhere in the construction sector, Kingspan clawed back much of the ground lost on Thursday, closing 13 cents higher at €1.65 in the wake of its trading statement.

There was no joy for Ryanair, however, as shares in the airline lost 27 cents to €6.70 as concerns about the EU investigation into subsidies weighed on the stock.

Waterford Wedgwood was another active stock, with more than eight million shares traded, five million of them in a single block, as the shares gave up three cents to €0.52. Independent News & Media also lost three cents to €1.47.

Shares in Irish Continental Group closed five cents higher at €6.95 as the company confirmed it had bought back a further 1.63 per cent of its share capital on Thursday at a price of €6.80 per share.