Market report:Following a positive start to the week yesterday, the Irish market took a turn for the worse at lunchtime and wiped out the gains made last week to close at its lowest level this year.

As a lack of stock-specific news failed to provide any momentum, dealers said the exchange took its lead from overseas. However, one stock, Fyffes, yet again managed to stand out from the crowd, gaining 8.5 per cent, or 9 cent, to close at €1.15.

Dealers said investors see good value in the company following the spin-off of its general produce business, and Goodbody last week released a note to that effect. The broker has set a target share price for the group of €1.25, a move it in part attributes to Fyffes's 40 per cent stake in property group Blackrock.

Elsewhere, dealers reported significant interest in Anglo Irish following the appearance of the group's management at a Davy conference in New York last week. More than 5.1 million shares changed hands. Despite the interest, the stock ended the day unchanged at €15.50.

One dealer said he expected several other stocks, including C&C and CRH, to benefit from last week's conference, although the momentum may take a while to come through. Both stocks were hampered by the general negative sentiment yesterday and ended the day down 5 and 16 cent respectively at €13.50 and €30.54.

Ryanair, meanwhile dropped 17 cent, or 1.6 per cent, to close at €10.83, a move dealers said was surprising given the fact that the price of oil had fallen again.

One of the biggest losers of the day, however, was Elan. Despite a presentation by management at the conference on Friday, dealers said the company released no new news and as a result investors sought to exit the stock. The shares fell 75 cent, or 7.1 per cent, to close at €9.85.

Settlement Day: January 11th