Market Report: The Irish stock market underperformed its overseas counterparts yesterday as weak performances from AIB, Bank of Ireland and Ryanair acted as a drag on the Iseq.

Although US stocks rose on healthy first-quarter earnings, and the FTSE 100 closed nearly 1 per cent higher, the Irish market ended the day marginally lower.

While Anglo Irish gained 15 cent to €13.20 and Irish Life & Permanent added 18 cent to €20.40, the two main banks lost ground. AIB shed 15 cent to €19 while Bank of Ireland closed 14 cent lower at €14.72.

Ryanair also remained under pressure, losing 18 cent, or nearly 2.7 per cent, to €6.51.

It emerged yesterday that US fund manager Wellington, the airline's third largest shareholder, has been a recent seller of ADRs, reducing its shareholding by 0.85 per cent to 7.86 per cent.

The other major loser on the day was Fyffes, which shed 15 cent, or nearly 7 per cent of its value, to €2.01 after warning that higher shipping costs would knock €9 million off its profits this year.

There was better news elsewhere, however. CRH edged up by 15 cent to €29.30 after the €170 million purchase of Halfen-Deha, a producer of metal building materials, its second acquisition this year.

Other good performers included Grafton Group, which added 15 cent to €11.14 and Greencore, which gained seven cent to €4.12.

Independent News & Media firmed by three cent to €2.51 as its Australian associate APN said it should deliver earnings growth of at least 5 per cent this year.

There was also good news in the exploration sector. Shares in Ormonde Mining surged by four cent, or 16 per cent, to €0.29 after the company discovered that its Salamanca gold project in western Spain might be larger than expected.

Glencar also had a good day, adding a cent, or 4.8 per cent, to €0.22 on signs of further gold mineralisation at its Komana West project in southern Mali.