MARKET REPORT:IRISH STOCKS fell for the first time in five days in line with most international markets which reacted negatively to poor corporate news from the United States and Europe.

Mobile phone company Vodafone lowered its outlook for full-year revenue to around the bottom of a previously forecast range, while poor results at US bank Wachovia and weak forecasts from Apple and Texas Instruments weighed heavily on many international markets.

The Irish market was no exception with international events dictating what was happening in the Dublin market rather than Irish stock specific news.

The Iseq fell back below the psychological 5,000 level, closing the day at 4,910.05 - a drop of 150.46 points or 2.97 per cent.

However, it had been much worse earlier on, with shares down 5 per cent at one stage.

Banks bore the brunt of yesterday's sell-off as they gave up most of the previous few days' gains in volatile trading.

Irish Life & Permanent was the worst performer among the bank stocks. At one stage shares in the company were 17 per cent lower, before the stock eventually closed the day 60 cents weaker at €5.45, a drop of nearly 10 per cent.

AIB was also under pressure and by the close of business, around 8 per cent was wiped from the value of its shares as it shed 71 cents to €8.05. Bank of Ireland was 27 cents weaker at €5.67, while Anglo Irish Bank was 1.6 per cent weaker at €5.862.

CRH was also struggling throughout the day on poor sectoral news, eventually closing more than 2 per cent weaker as it shed 42 cents to €17.50.

Ryanair's share price was volatile, trading down substantially in the early morning. However, a drop in oil prices led to a turnaround and it had tacked on 4 cents to €3.15 by the market close.