Market Report:AFTER A couple of days of upward trajectory the Irish market went off the boil yesterday afternoon as weak sentiment in the US percolated across the Atlantic.

With the dollar breaching record lows, Fed chairman Ben Bernanke speaking in Washington and some poor economic indicators, buyers in Ireland began to get nervous.

The overall index ended the day down 2.34 per cent as any modest gains in the morning session were wiped out.

Given performances in the US and Europe one trader said Irish shares "were performing as expected". C&C finished down 8 cent at €4.50 but had traded up as high as €4.62 on speculation that today's trading statement would have positive news.

Credit Suisse yesterday cut its 12-month target on the stock to €5 from €6.

Irish Life & Permanent's strong results in mid-week meant the market opened to buy recommendations from a number of international finance houses.

The stock finished up 21 cent at €11.12 and was the only of the financials to end in positive territory.

Ryanair had another disappointing session, falling 2.68 per cent to €3.29, with traders variously blaming the high price of oil and a worrying outlook on the sector from American Airlines which brought its peers down.

Elan was the biggest faller on the day as the market absorbed reports that its key drug, Tysabri, could cause liver damage in patients.

It lost another 7.54 per cent and closed out at €15.33.

CRH was also weak, falling almost 4 per cent, but one trader said that at €25.65 it is "trading in its range" and it did not reflect any fundamental weakness in the stock.

Good volumes were traded in Independent News & Media, which ended in positive territory.