Market Report: The market traded down along with negative international trends yesterday, closing 1.6 per cent lower amid widespread losses.

The financials were among the main losers throughout the session, with AIB faring particularly badly. Shares in the bank, which had gained 3 per cent in the previous session, finished 41 cent weaker at €18.19.

The fall came in spite of a round of upgrades inspired by Tuesday's positive trading update. NCB now has a price target of €23.40 on the stock.

Bank of Ireland also declined, albeit to a lesser extent. Shares closed eight cent lower at €14.21.

Anglo Irish Bank shed 15 cent to finish at €12.50 after moving ex-dividend by 5.4 cent.

Elsewhere CRH had a bad day, falling by 85 cent to €26.00. Kingspan also weakened, losing 34 cent to close at €13.17.

Blackrock International Land had a setback in its first week of trading, falling by three cent, or 7.5 per cent, to 37 cent.

Associated company Fyffes also did badly, shedding seven cent to end the day at €1.36.

Glanbia held up fairly well after Tuesday's agm, with losses limited to a one cent decline to €2.48. Kerry, which holds its agm tomorrow, lost 20 cent to close at €19.70. Greencore slipped by five cent to €3.85.

Elan continued along its volatile path, dropping by 99 cent to €12.84.

Amid all the red, the few stocks that remained positive at the close were easy to identify.

Among them was C&C, which had an excellent day after moving ex-dividend by 8.5 cent. Shares moved five cent higher to €6.55 as vague takeover speculation continued to circulate in the background.

Ryanair was also a star performer, with shares rising by eight cent to €6.85. Morgan Stanley has upgraded the airline to reflect its recent share underperformance. The broker has a price target of €9.10 on the stock.

United Drug ended flat at €3.87 after going ex-dividend by 1.71 cent.