DUBLIN REPORT: Iseq: 2,913.43 (–6.38) Settlement date: January 20thTHE IRISH market was relatively subdued yesterday as US exchanges remained closed for Martin Luther King jnr Day.

Irish banks softened, as did their peers across Europe, ahead of yesterday’s Euro Group meeting. AIB shed almost 7 per cent, or two cent, to finish at 28 cent, while Irish Life Permanent closed down more than 3 per cent, or about three cent, at 81.3 cent.

According to one Dublin broker, markets have already priced in the expectation that Europe’s finance ministers will agree on a framework that allows for a bigger European Financial Stability Facility, and a mandate for that fund to buy bonds from member states. However, there was “a little bit of nervousness” as to whether those expectations will in fact be met, and this undermined banking stocks.

Elsewhere, Ryanair fell on concerns of higher oil prices. The airline shed more than 2 per cent, or nine cent, to close at €3.76. Rival carrier Aer Lingus held up well despite yesterday’s flight disruption arising from a row with cabin crew over controversial new rosters. The stock dipped slightly during the session but closed more or less unchanged at €1.09.

Irish Continental Group continued to attract quite a bit of interest, one broker said. On one trade it marked up to €18 although it backed off after that. It finished at €17.80, up 50 cent on the day.

Packaging group Smurfit Kappa was firm enough, although volumes were not huge. It gained more than 1 per cent, or 8.5 cent, to €7.97.

Greencore drifted back a little despite announcing a positive start to its 2011 financial year last Friday. Although it moved off its lows for the day, it still closed 3.5 cent down at €1.28.

Overall the Iseq was just slightly down on the day, slipping 6.38 points to 2,913.43.