Dublin follows neighbours into negative territory

Settlement Day: October 3rd: The market fell into line with its European counterparts yesterday, posting its sixth consecutive drop as trade remained thin across the board.

In the industrial sector, CRH struggled as investors continued to focus on the firm's exposure to a weakening dollar. The stock finished 28 cents lower at 15.32, having failed to draw a boost from the EU Commission's prompt approval of its recent Dutch acquisition. Waterford Wedgwood was also hit by the declining dollar, falling two cents to 28 cents as two million shares changed hands.

Ryanair dropped 10 cents to 5.70 on volume of 2.5 million shares after quantifying its potential liabilities in the event of the EU Commission ruling negatively on its Charleroi airport deal.

Irish Life & Permanent became the star of the financial sector by rising seven cents to 11.27 on good buying action. Other banks fared worse, with AIB dropping seven cents to €12.65 and Bank of Ireland failing to budge from Monday's close of 10.26.

Anglo Irish shed one cent to finish at 9.27 on light volume, while First Active lost 10 cents to close at €4.70.

Elsewhere, FBD was among the biggest movers on the day. The insurance firm went against the overall negative trend by closing 30 cents higher at 10.80. The move came on volume of just 18,000 shares. Glanbia also outperformed, climbing six cents to 1.96.

Galen went 32 cents in the other direction, closing at €9.78, again on quiet trade. In the same sector, Elan fell 19 cents to 4.40 as its restructuring continues.

Independent News & Media was among the busier stocks, with close to four million shares changing hands as it dropped three cents to €1.67.