DUBLIN REPORT:IT WAS another volatile day for the Irish market yesterday, as the Iseq fell 1.6 per cent following a disastrous session for the US markets on Thursday, writes Fiona Reddan.

Financials were hit hard once more, amid growing concerns over credit losses and the impact of the economic slowdown on European banks.

The worst-performing financial stock was Anglo Irish Bank, which fell by 8.2 per cent, or 54 cents, to €6.04.

Irish Life Permanent, which at one stage during the day was down 10 per cent, traded better in the afternoon, closing at €5.07, down by 28 cents or 5.2 per cent.

Both Bank of Ireland and AIB also fell during the session.

Bank of Ireland closed down 5.1 per cent, or 30 cents, at €5.60, while AIB ended the session down 3.5 per cent, or 30 cents, at €8.20.

Pharmaceuticals firm Elan saved the Iseq from suffering a larger fall, and it was the star performer on the day.

Its share price rose by 5.6 per cent, or €1.13, to €21.25, amid speculation of the sale of its Elan Drug Technologies (EDT) business and positive broker comments on its Tysabri drug, which is used to treat multiple sclerosis.

Independent News Media also performed strongly yesterday, gaining 2.7 per cent, or four cents, to €1.54.

Paddy Power, meanwhile, saw its share price rise by 1.8 per cent, or 33 cents, to €18.95.

Drinks group CC saw its share price plummet by 8.3 per cent, or 24 cents, to €2.65.

Building supply firm Grafton Group also declined, with its share price falling 5.7 per cent, or 21 cents, to €3.50.

Ahead of Ryanair's first-quarter results, which will be published on Monday, the airline's stock fell by almost 2 per cent, or six cents, to close at €3.23.

Iseq: 4876.15 (-80.48) Settlement date: July 30th