Dublin Report: Even an earnings upgrade from Ireland's largest bank failed to inspire the market yesterday, with the ISEQ ending the day down 29.16 points at 6,781.48.

Allied Irish Bank's results failed to move its own share price, with the stock falling 17 cents, to end the day at €17.80 despite reporting positive results for the first half of the year and upgrading its forecast for the full year. The bank reported a 21 per cent increase in pretax profit and upgraded its full year earnings forecast to between 140 and 142 cents per share. New chief executive Eugene Sheehy said the group was benefiting from increased demand for its loans and savings accounts, and was in a good position to take advantage of future opportunities in the market. Still, one trader said there was a little concern about the group's margins, which may have contributed to the unusually low volumes for results day.

Among the other financials, only Anglo Irish bucked the negative trend, adding 5 cents, to end the day at €11.02. Meanwhile Bank of Ireland slipped 6 cents, to close at €13.75, while Irish Life and Permanent fell 5 cents, to €14.85.

Elsewhere CRH slipped 5 cents, to end the day at €23.19 as some investors took stock, while Eircom closed down 5 cents, at €1.72. Grafton was also among the losers, falling 10 cents, to end the day at €9.30 ahead of the Bank of England's interest rate decision today.

Traders also said they expect to see more activity in Ryanair, which slipped 4 cents, to close at €6.81 yesterday, after ABN Amro put a "reduce" rating on the stock. Moving in the other direction, Paddy Power rose to a record.

The stock added 42 cents, to end the day at €15.30, a move traders attributed to rumours that the betting group could be chosen by Ryanair as a partner for its gaming activities.

Jurys also rose, gaining 5 cents, to close at €17 on speculation another bidder may yet come forward for the hotelier.