DUBLIN REPORT: Iseq: 2,472.76 (-38.16) Settlement date: December 19th:TULLOW OIL provided one of the few bright spots in Dublin yesterday as the overall market once again underperformed its European peers, who enjoyed a rise in anticipation of a US rate cut.

One dealer said yesterday that the Irish Stock Exchange is "limping" towards Christmas, with little real activity and light volumes.

Tullow yesterday said it is preparing a commercial development plan for oil discoveries in Uganda after its Buffalo-1 exploration well in the Lake Albert Rift Basin delivered positive results.

The stock closed 40 cent or 6.2 per cent up at €6.82 yesterday, having earlier touched €6.90.

It rose at a similar rate in London.

The company's chief executive said that it expects the commercial threshold in the region to be exceeded.

He added that Tullow has assigned a team to prepare a commercial development plan for the overall basin.

The banks continued to surrender ground as any positive sentiment generated by the Government pledge to spend €10 billion recapitalising them evaporated.

AIBwas down 3.55 per cent at €1.90 at the close. Bank of Irelandwas off 6.12 per cent at 92 cent.

The worst performer was once again Anglo Irish Bank, which plunged almost 17 per cent to 30 cent.

The sole exception was Irish Life & Permanent, which has less exposure to commercial property than its peers, and which gained 2.4 per cent to €1.70.

Despite more bad news from the sector yesterday, building materials group CRHheld up reasonably well, dealers said, closing less than 1 per cent down at €19.682.

Overall, the Iseq index shed 1.52 per cent to end the day at 2,472.76.