Market Report:It was another bad day for the Irish market yesterday with a further €1.3 billion being wiped off its value as a lack of company-specific news allowed ongoing concerns about the housing market to rear their heads again.

The Iseq index fell more than 1.5 per cent before recovering to end the day down 1.2 per cent at levels not seen since last December. So far this week as much as €3.8 billion has been wiped off the market's value.

AIB was again one of the main contributors to the decline, falling 2.9 per cent, or 57 cent, to €18.88. Trading was busy with 4.6 million shares changing hands.

The other financials fared better, with Bank of Ireland slipping 13 cent, to close at €14.12 and Irish Life & Permanent closing down just 9 cent, at €18.30. Both rebounded off earlier lows.

Anglo meanwhile was one of the few gainers of the day, closing 7 cent higher, at €14.28.

Elsewhere fruit group Fyffes took a battering, falling more than 9 per cent before recovering some ground to close down 7.2 per cent, at 84 cent.

Dealers said investors feared the company may be facing a hefty fine following news late on Tuesday that it had been charged in connection with a long-running probe into an alleged banana cartel. One dealer said it was the uncertainty over the size of the fine that was causing the concern and deterring investors. Volume, however, was light, with only 284,100 units trading.

Fyffes spinoffs Blackrock and Total Produce were also hit, with Blackrock closing down 4.8 per cent, at 50 cent, and Total Produce ending the day down 1.3 per cent, at 74 cent.

Independent News & Media was also badly hit, falling a further 3.7 per cent, to close at €3.12. As much as €145 million has been wiped off the group's market value so far this week.