MARKET REPORT:It was a pretty dull day on the Irish market yesterday, unless you held shares in Tullow Oil.

The Iseq index of Irish shares started the day - its first under the new freefloat weighting regime - moving in a positive direction helped by buying interest in the financials.

However, as the day progressed the momentum disappeared and the index closed marginally lower at 9,643.41.

Tullow Oil, however, was one of the main positive movers after the company announced a significant oil find in Ghana. The stock added 13.5 per cent, or 81 cents, to close at €6.82 in Dublin, while in London, where it is more heavily traded, it was up 13 per cent, or 51.25 pence, at 460.25 pence.

British, Irish and US brokerages all raised their price targets for the stock on the news, with one dealer saying he expected to see further gains in the share price as investors digest the significance of the news.

Elsewhere, the new trading regime had little effect on the index's members, except for property group Blackrock, which fell 9.8 per cent, or 6 cents, to end the day at 51 cents.

Dealers said the move was simply a correction in the light of the 19 per cent jump in the shares on Friday. The reweighting is expected to reduce the attraction of companies with large strategic shareholdings.

Some profit-taking in C&C pushed the stock lower as the drinks group closed down 1.1 per cent, or 13 cents, at €11.79. Dealers acknowledged it had had a good run last week.

Dealers, meanwhile, reported decent volumes in the financials, though more sellers than buyers led to declines across the sector.

AIB closed down seven cent, at €21.52, while Bank of Ireland dropped 15 cents, to €16. Anglo slipped three cents, to end the day at €16.22.