DUBLIN REPORT:TRADERS DESCRIBED yesterday's performance on the Iseq as "disappointing" as food and building stocks rose slightly, but aviation shares fell and financial stocks failed to perform as well as their European counterparts.

The highest level of trading was in bank shares as central banks around the world launched a co-ordinated effort for the second time in three months to inject liquidity into cash-starved money markets.

Irish financial stocks did not keep up with their European peers.

The DJStoxx index of European banks rose 3.3 per cent, its largest one-day rally in a month, but investors were not as positive about the Irish banks.

Irish Life & Permanent performed worst of the big four financials, falling 22 cent, or 2 per cent, to €10.55, while Anglo Irish Bank dropped 0.7 per cent to €8.61. Bank of Ireland and AIB ended the day up 2 per cent to €9.20 and 1.2 per cent to €13.35 respectively.

Ryanair and Aer Lingus shed value after oil struck record highs yesterday and higher airline charges for Heathrow and Gatwick were announced.

Ryanair was one of the worst hit stocks on the Iseq, falling 5.4 per cent, or 17 cent, to €3.07.

Aer Lingus suffered almost as bad, falling 5.2 per cent, or 11 cent, to €1.99.

Food companies continued to perform well. IAWS rose 3.5 per cent to €14.25, while Greencore was up 2.2 per cent to €4.39.

Just over six million shares in Independent News & Media changed hands after Denis O'Brien's recent purchases and news that more of its shares could come on to the market. The stock ended up 1.5 per cent at €1.82.

Paddy Power enjoyed a good performance as favourites failed to romp home on the first day at Cheltenham, ending up 3.4 per cent, or 73 cent, at €22.32.

Iseq: 6,155.59 (+51.07) Settlement date: March 14th