DUBLIN REPORT: Iseq:3,314.57 (-89.79) Settlement date:September 29th

AFTER RISING during the first half of the day, the Iseq fell back in afternoon trading in line with global markets, as disappointing US retail sales figures weighed on sentiment.

The Iseq’s two main banking stocks continued to experience vol- atility, refusing to settle into a con- sistent pattern following the announcement of the National Asset Management Agency’s pricing mechanism last week.

AIB

was off 1.8 per cent while

Bank of Ireland

fell just over 6 per cent, with one broker noting some profit-taking after last week’s rally.

Irish Life & Permanent

was also down, after the chief execu- tive of its banking division, Perma- nent TSB, told an Oireachtas joint committee thatmargins continued to be low, while there had been “no serious discussions” with the Minister for Finance about the pos- sibility of a merger between it and the two main building societies. It ended the day 6.24 per cent lower at ¤5.50.

After the two main banks,

Ryanair

was themost traded stock fol- lowing its annual general meeting yesterday at which the low-cost air- line’s chief executive, Michael O’Leary, appeared to rule out another bid for

Aer Lingus

but said it may invest more money in the former State carrier. Ryanair closed 3.4 per cent lower, as the agm failed to deliver any upgrade of its forecasts for this year.

There was also heavy trading on Aer Lingus, although it ended the day flat at 78 cent.

Independent News & Media

experienced a lot of investor activity yesterday, as it announced details of an emergency general meeting to be held in early November. Despite the heavy trading, the announcement failed to have a positive effect, with its shares finishing down 6 per cent.

CRH

continued to slide, reversing its significant advance- ment last week to finish lower for the fourth consecutive day.