Dublin Report: Share prices drifted drifted lower in Dublin yesterday, mirroring a weaker trend in the US and Europe.

The sustained weakening of the dollar coupled with climbing oil prices unsettled the markets and left sellers outweighing buyers in Dublin.

Ryanair's wings were clipped during the session with the stock ending the day 20 cents lower at €3.62, down more than 5 per cent as concerns about its exposure to higher oil prices overshadowed it.

Dealers said a rumour of a possible large placing of Ryanair shares added to its difficulties and had immediately knocked it lower but this proved unfounded.

The stock is now trading at close to levels last seen just after the September 11th terrorist attacks in the US.

The banks held up relatively well. AIB shed 11 cent to end at 13.70; Bank of Ireland's stock was down 5 cent to €10.64; and Anglo Irish Bank softened further to €15.20, closing 19 cent down.

Irish Life & Permanent shares closed at €12.90, down 10 cent with more than one million shares traded.

CRH lost 26 cent to €18.54 with concerns about the dollar and disappointing results from the UK construction group Taylor Woodrow affecting the sentiment in the construction sector.

Grafton shares also bore the brunt of that poorer outlook with the shares down 29 cent to €7.28.

Eircom bucked the downward trend managing to go one cent higher to €1.59. Kerry also made progress with the shares adding 15 cents to €17.60.

C&C was 4 cents lower at €2.54 with speculation continuing that venture capital group BC Partners was set to sell its 34 per cent stake in the company when its lock-in expires on November 11th.

Other stocks losing ground included Iona Technologies, which lost 20 cents to end the day at €3.35.

Irish Continental Group was 48 cents lower at €10. Dublin Report