Iseq: 2,907.67 (–15.80) Settlement date: February 28thGLOBAL DEVELOPMENTS continued to dictate the direction of the Irish market yesterday, as social unrest continued across the Middle East, leaving investors wary and sending the price of oil to new highs.

The Dublin market finished down 16 points at 2,908, slightly outperforming its global peers, although activity was lighter than in previous days according to traders in Dublin.

There were some clear winners on the Irish market with food companies in particular finding favour with investors. Aryzta was one of the best performing stocks, rising 4 per cent or €1.33 to finish at €34 on the back of reassuring fourth quarter results from US peer company, CSM, a major player in the North American bakery market.

Kerry Group was heavily traded, following the release of strong full-year results for 2010 on Tuesday, though the share price finished pretty much flat at €26.21.

Glanbia rose 2.2 per cent, ahead of its results next week, while Greencore shed 1.27 per cent to €1.16, amid uncertainty about whether the company will make a revised offer for Northern Foods.

As Brent crude oil climbed above $110 a barrel, airline stocks continued to suffer with Aer Lingus slipping below the €1 mark to €0.98, and Ryanair shedding 1.8 per cent to €3.43.

Banking stocks had a mixed day, with Bank of Ireland down 1.44 per cent to €0.34 and AIB losing 18 per cent. This was due to technical changes affecting AIB ADR (American depositary receipt) trading in the US overnight.

While the announcement that Irish Life and Permanent has sold Irish Life International for €26 million was made as markets closed yesterday evening, ILP rose by almost 3 per cent to €0.90.

Paddy Power gained 2.65 per cent, or 75 cents, to close at €29.