MARKET REPORT - Iseq: 6,235.54 (- 23.97):THE ISEQ drifted into negative territory yesterday, taking its lead from other European markets as European stocks fell with record oil prices hurting earning prospects for airlines and car-makers.

Despite spending the morning in positive territory, these gains were given up in afternoon trading, with the ISEQ closing 23.97 points weaker at 6,235.54.

In a day characterised by light volumes, the bulk of trading was concentrated on financial stocks.

Ahead of its agm today, AIB was the biggest loser as it shed 35 cents to €13.15, with around 1.48 million shares traded. Bank of Ireland slipped back marginally, dropping 7 cents to €9.10 with 1.8 million shares changing hands. However, Anglo Irish Bank put in a strong performance to close 19 cents stronger at €8.37 on volumes of 1.78 million shares.

Market heavyweight CRH was also under pressure despite reports that it was one of six companies that are in the second-round auction process for the German building products group Xella. However, it dropped back more than 2 per cent on the back of weak sector sentiment, with negative comments from Caterpillar on US construction holding back the sector. It eventually shed 50 cents to €23.78, with around 1.2 million shares traded.

Despite oil spiking to record prices, Ryanair shed just 1 cent to €2.76, while Aer Lingus was 3 cents weaker at €2.

It was a day for more defensive stocks, with food companies doing well. IAWS put in a decent performance, adding 40 cent to its share price to close the day at €16.50, while Greencore tacked on 10 cents to €4, although volumes were very thin.

United Drug was up 5 cents at €3.77, while Independent News & Media saw decent trading with more than two million shares changing hands and the stock closing 2 cents stronger at €1.91.

Settlement date: April 24th