Market report:The Irish market fell for a fourth day yesterday, losing 1.6 per cent in a session when its European peers all ended in positive territory.

One Dublin dealer said there were plenty of sellers in the market, implying that last week's rally has been short-lived.

The financials were significant contributors to the overall decline, with Anglo falling almost 3 per cent, or 40 cent, to close at €13.17. More than 4.7 million shares changed hands in Dublin, but in London it was even more active, with dealers reporting one block sale of seven million units through Morgan Stanley at a discount to the trading price.

Dealers said this wasn't anything unusual and was most likely one of the larger fund managers choosing to exit the stock in favour of another player. Usually this would be done over a period of days and therefore would not be so obvious.

Other banks were dragged down, with Bank of Ireland dropping 2.1 per cent, or 28 cent, to €13.12 and AIB closing down 1.9 per cent, or 35 cent, at €17.68.

Elsewhere, drinks group C&C continued its decline, falling another 4.8 per cent, or 26 cent, to close at €5.06 amid a series of downgrades following the significant decline in first half profits revealed on Wednesday. Dealers said CRH was also a victim of sector-related downgrades, which pushed its shares 3.4 per cent, or €1 lower, to close at €28.75.

Meanwhile Ryanair was one of the few stocks to hold up, climbing 3.1 per cent, or 17 cent, to €5.67. It was busy too, with more than eight million shares changing hands in Dublin alone.

Settlement day: October 16th