Market report:RECORD OIL prices hit all European markets yesterday and the Iseq was no exception, dropping 2 per cent as it shed 135 points to 6,325.

Among the biggest losers was Ryanair, which is most exposed to spot oil prices. As oil surged to an all-time record high of $129 a barrel, Ryanair saw its share price plunge by around 6 per cent. By the close of business, the stock had shed 18 cent to €2.76 with 2.8 million shares traded.

Aer Lingus was off by 2 per cent to €1.81, although volumes in that stock were light.

After spending Monday in positive territory, financial stocks were also under pressure throughout the day yesterday as they took their line from banking stocks in Britain.

Ahead of its numbers today, Bank of Ireland underperformed most, dropping 25 cent to €8.55, with more than two million shares changing hands. Anglo Irish Bank was nearly 1.5 per cent weaker at €9.39, while Irish Life Permanent lost 15 cent to €11.40. AIB was off around 1 per cent at €13.60 and FBD saw its price drop by 43 cent to €26.56.

Construction stocks were also weaker, with Grafton dropping by more than 2 per cent to €24.55, while Kingspan slipped back 25 cent to €7.50. CRH lost 10 cent to €24.55.

Among the gainers was Dragon Oil, which was more than 4 per cent up at €7.16 on thin enough volumes.

Industrial holding company DCC, which yesterday repeated its backing of executive chairman Jim Flavin, saying he made an "unwitting breach" of civil law when he sold shares in Fyffes in 2000, also ended the day in positive territory as it tacked on nine cent to €15.77.

Financial services group IFG, which completed a placing of almost 3.5 million shares at a price of €2.10 a share, was nearly 3 per cent stronger at €2.20.

Settlement Date: May 23rd