Market Report:The Irish stock market closed modestly lower yesterday as investor attention focused on Jurys Doyle and C&C.

Settlement Day: May 13th

Shares in the hotel group rose by a further 2 per cent, or 30 cent, to €14.30 on top of Monday's rise of nearly 5 per cent, after the company confirmed it had received a preliminary approach that could lead to an offer for the firm.

Meanwhile, drink and snacks group C&C released what analysts described as a "solid" set of results, posting modest increases in operating profits and turnover, despite tough trading conditions in the pub sector and the introduction of the smoking ban last year. However, the results contained no surprises and the stock closed one cent lower at €3.29.

Elan proved another feature of the day, rising by nearly 10 per cent, or 48 cent, in Dublin to €5.30, after a study suggested its Alzheimer's vaccine, which was withdrawn when it caused brain inflammation, may have been on the right track after all.

Dealers also reported there was some speculation in the market that Elan's withdrawn multiple sclerosis treatment, Tysabri, could return to the market with a black box label, or a lot of warnings and restrictions.

Elsewhere, financial stocks drifted lower in line with overseas markets ahead of the release of Bank of Ireland results on Thursday. Shares in AIB lost 10 cent to €16.40, Bank of Ireland was off six cent to €12.22, while Anglo Irish Bank gave up four cent to €9.56.

Despite an oil price rise, Ryanair shares gained three cent to €5.75, as more than two million shares changed hands.

United Drug, which releases first-half results on Friday, rose 10 cent or 2.8 per cent to €3.63.

But Kingspan gave up 20 cent, or 2 per cent, to €9.05, despite yesterday's acquisition announcement and the appointment of former CRH executive Brian Hill to its board.

Eircom was also among losers, shedding five cent, or 2.7 per cent, to €1.80.