Market report: The Irish market lost ground yesterday despite very bullish performances from some members.

Food group IAWS was again in favour as the stock gained yet more ground to close at another record high. Dealers said the company was continuing to benefit from the positive fallout from its Otis Spunkmeyer acquisition in the US and pointed out that the illiquidity of the stock meant that an increase in demand could easily push the price higher. The shares rose 65 cent, or 3.7 per cent, to close at €18.45.

AIB also put in a strong performance rising as high as €22.10 before falling back to end the day up 25 cent, or 1.2 per cent, at €21.81. Dealers attributed the gains to positive sentiment coming out of an investor day held in London by the group earlier in the week.

Bank of Ireland was also a gainer, though slightly more subdued, ending the day up just 5 cent, or 0.3 per cent, at €16.

Aer Lingus moved in the other direction and at one point was down as low as €2.70, before recovering a little to close down 6 cent, or 2.2 per cent, at €2.73. Dealers said it was becoming more likely the competition concerns raised by the proposed takeover by Ryanair would be assessed in Ireland rather than Europe, therefore making it less likely to receive approval. There was still no sign of Ryanair increasing its stake in Aer Lingus at these levels.

Ryanair slipped 7 cent €9.43, a move dealers said was simply a reflection of general market sentiment and the fact that the oil price was on the rise again.

C&C also took a knock, dropping 28 cent, or 2.2 per cent, to €12.37. Market share data on the UK drinks market is due out today, though one trader said the decline was more likely a result of a new ad campaign announced by Scottish & Newcastle.

Settlement day: November 14th