Market Report: The financials took a hit in Dublin yesterday, with Bank of Ireland leading the way after posting a pre-close statement, writes Una McCaffrey.

The update generated a mixed response, with the more cautious investors focusing on growth in costs as they sold out of the stock. Shares finished at €11.12, down 26 cents on the day.

AIB dropped down close to €13.40 in sympathy before winning back its losses. Dealers reported some evidence of switching between the two banks as AIB shares finished five cents stronger at €13.60.

Anglo Irish was another early loser, as shares fell to €14.67. Again though the stock regained lost ground, closing one cent stronger on the day at €14.83. The market continues to digest news of Mr David Drumm's appointment as chief executive.

Irish Life & Permanent fared worse in the end, falling five cents to €12.70.

News of solid full-year results at IAWS generated little action. Shares in the food group, which posted 17 per cent EPS growth to 62.1 cents, added three cents to finish at €10.38 on light volume. Elsewhere, fighting talk at Ryanair's a.g.m. failed to help the airline's share price, which fell 14 cents to €4.09 on good volume.

CRH was weak, too, as it declined by 22 cents to €19.58. Also on the losing side was DCC, which dropped 10 cents to €14.40.

Glanbia was a better performer, with shares adding four cents to close at €2.74. The move came on light volume, however, with just 53,000 shares traded.

Housebuilder Abbey shed five cents to finish at €8.70, as a UK peer reported a slower summer market. McInerney was stronger however, adding two cents to close at €5.82.

In London, Warner Chilcott moved closer to the 800p level cited in news of a takeover approach on Monday. Shares added 2.5p to close at 777.5p.

Back in Dublin, Elan fell 34 cents to €18.88 as the market awaits an update on the SEC's investigations into its accounting practices.

Dublin ReportSettlement Day: September 28th