Market report: The Irish stock market gave up ground yesterday as many of the leading stocks headed into negative territory.

Despite an upbeat trading statement, in which it said it expected to deliver an increase in the "high teens" in first-half pretax profits, CRH lost 51 cent to €21.68.

Dealers blamed the drop on weakness in the building materials sector globally, along with some disappointment at the low level of acquisition spending.

Technical factors, such as profit-taking and the unwinding of long positions built up ahead of the trading update, were also blamed for the 2.3 per cent fall.

In contrast, DCC added 50 cent, or three per cent, to €17 in the wake of a positive statement at its annual meeting, at which it said it expected to deliver double-digit growth in full-year earnings per share. Dealers said the company also reassured the market that its information technology distribution division, which has been a drag on profits in the first-half, would return to growth in the second-half.

However, the performance elsewhere was more subdued.

A 31 per cent rise in passenger traffic in June failed to lift Ryanair's share price, which closed five cent lower at €6.45.

The banks also had a weak day as AIB lost 11 cent to €17.67, while Bank of Ireland closed eight cent lower at €13.40 ahead of its annual meeting today.

Anglo also finished eight cent lower at €10.32, although there was more enthusiasm for Irish Life & Permanent, which added 12 cent to €14.42.

Shares in Jurys Doyle jumped by 45 cent to €15.70 as investors awaited a move from Precinct ahead of the July 15th deadline set by the Takeover Panel.

Grafton, which issues a trading update today, lost a further 17 cent or 1.8 per cent to €9.18, amid concern about the weakness of the UK market.

In the exploration sector, Iona lost 15 cent or 6.3 per cent, to €2.25 in the wake of last week's profit warning, but the shares were unchanged on the Nasdaq at $2.82 by the Irish close.

Settlement Day: July 8th