Market report: The Irish stock market closed lower as several of the leading shares came under pressure. Concerns about the prospect of increased competition in the mortgage market, and fears of higher interest rates in the euro zone provided a less than favourable backdrop for the banking sector.

Irish Life & Permanent was the hardest hit, losing 25 cent, or 1.7 per cent, to €14.60. AIB shed 15 cent to €16.90 while Bank of Ireland lost five cent to €12.79.

Only Anglo managed to stay in positive territory, adding six cent to €11.31 ahead of the release of full-year results next month.

Building materials group CRH had a poor day, shedding 33 cent or 1.5 per cent to €21.47 as the sector remained under pressure.

Shares in drink and snacks group C&C lost seven cent, or 1.3 per cent, to €5.28 as the company announced the loss of the rights to distribute Volvic and Evian in the Republic. However, dealers said profit-taking in the wake of the recent strong run in the share price was responsible for most of the weakness.

Grafton, one of the companies presenting at the first day of Davy small and mid-cap investor conference, turned in a good performance, adding 11 cent, or 1.3 per cent, to €8.46.

Kingspan clawed back some of Monday's losses, adding four cent to €9.83.

Elan added to Monday's gains with a rise of 19 cent, or 2.8 per cent, to €6.99.

But DCC, which releases interim results in early November, lost 15 cent, or close to 1 per cent, to €15.30. Dealers said investor attention was beginning to turn to the outcome of its High Court case with Fyffes, the result of which is expected in the coming weeks.

In the technology sector, Iona lost eight cent, or 3 per cent, to €2.40 in Dublin ahead of the release of third-quarter results on tomorrow.

Among the smaller stocks, IEX-listed Getmobile shed 34 cent, or 38 per cent, to €0.55 in Dublin, as it warned that profits would be hit by failure to clinch a sales agreement.

Settlement Day: October 21st