Dublin Report:THE ISEQ fell below the 6,000-point mark yesterday for the first time since May 2005 as Irish equities fell 1.15 per cent to 5,999.75, continuing the downward trend of recent months.

The market dropped in line with the FTSE as US bank Bear Stearns obtained emergency funding after saying its cash position had "significantly deteriorated".

Irish financial stocks had a mixed week. The Iseq financial index has fallen 2.7 per cent since Monday's trading, with Anglo Irish Bank responsible for most of the decline. It fell 0.46 per cent yesterday to close at €8.31, down 8.1 per cent over the week.

The stock wasn't helped by a Merrill Lynch report released on Thursday which said Anglo had one of the more aggressive lending standards on British commercial property and was one of the most exposed banks in the sector. Irish bankers criticised the report, saying it failed to account for the strong relationship focus between Irish banks and developers.

One of the biggest movers in heavy trading was Grafton which ended up 4.9 per cent, or 26 cent, at €5.55. The DIY group reported strong 2007 figures last Monday, with revenues rising about €3 billion for the first time and pretax profit up 8 per cent to €228 million. The stock was up 7.7 per cent over the week.

Ryanair endured a tough week as it faces higher fuel costs and increased charges at Heathrow and Gatwick. The airline lost 4.47 per cent to close at €2.88, ending the week down almost 9 per cent. Aer Lingus fared a little better closing up 0.44 per cent at €2.03 yesterday but down 4.2 per cent over the week.

Paddy Power closed down 0.46 per cent at €23.99 as the Cheltenham Festival drew to a close. However, the going was good for the company during the festival - it closed up almost 10 per cent over the week.