Market Report: Irish shares tracked overseas markets again yesterday, which were surrounded by general negative sentiment. Irish Life & Permanent was one of the few companies to buck the downward trend after reporting positive results for last year.

The group delivered a 14 per cent increase in pretax profits in the year to the end of December, to €531 million. It also said it was confident of another successful performance in the current year. The stock rose 30 cent, or 1.7 per cent, to €18.35.

The other financials failed to take their lead from Irish Life & Permanent, with Anglo Irish Bank leading the way downward. The shares dropped 18 cent, or 1.3 per cent, to end the day at €13.30.

AIB was down eight cent, or 0.4 per cent, at €18.90, while Bank of Ireland lost four cent, or 0.3 per cent, to close at €14.75.

A better than expected set of full-year results from insurance group FBD failed to provide any momentum to the group's shares, which ended the day down €1, or 2.4 per cent, at €40.45. Traders dismissed the decline as a result of the general negative sentiment surrounding the market and said the results had been well received. The group delivered a 40 per cent increase in pretax profit and an 11 per cent gain in gross underwriting premiums.

Ryanair dropped six cent, or 0.8 per cent, to end the day at €7.73, though traders again attributed the decline to the general sentiment and not the news that it was reducing services from Cork airport.

Elsewhere building supplies group Grafton managed to buck the downward trend, boosted by positive results from its UK rival Travis Perkins. Traders said they were expecting positive news from Grafton when it released its own results next week. The shares ended the day up 19 cent, or 1.8 per cent, at €10.50.

Today all eyes will be on Elan, whose shares are due to recommence trading after being suspended for two days. The US Food and Drug Administration's advisory committee yesterday recommended that Tysabri should return to the US market.