Iseq: 6,151.67 (-173.39) Settlement date: May 24thIT MAY not have been as dramatic as the St Patrick's Day bloodbath but traders described yesterday's trading on the Irish Stock Exchange as "horrendous" and stocks which minimised their losses were seen as out performers. The Iseq index closed at 6,151.67 down 173.39 points or 2.74 per cent.

Bank of Ireland set the tone for the day with a set of solid preliminary results for last year which saw profit before tax grow 6 per cent to €1.8 billion.

The market was more interested in what lies ahead for the bank and in the absence of firm guidance from management the share price took a hammering - closing down 5.7 per cent to €8.06.

With oil prices passing $132 for the first time, banking stocks across Europe suffered as there was a big switch into commodities. That saw all the Irish financial stocks suffer - Anglo Irish Bank was down almost 6 per cent to €8.83, while Irish Life and Permanent shed 4.8 per cent to end the session at €10.85.

Oil prices also hit the airline sector. Despite reassurances from Ryanair that it could remain profitable at the current price levels the stock dropped 18 cent or 6.7 per cent to close at €2.57. Aer Lingus didn't fare much better shedding 4.2 per cent of its value, down to €1.73.

Few of the liquid large-cap stocks managed to end the day in positive territory. The European move into oil and exploration stocks was mirrored in Dublin although volumes were light. Tullow Oil rose 2.42 per cent to €12.07, Kenmare was up 2.56 per cent to 68c, but the biggest volumes were in Petroneft which gained 1.54 per cent to 39 cent.

One trader noted that Independent News Media "held up well in the face of adversity" ending the session unchanged at €2.05.