Market continues to lose ground

THE Irish market continued to lose ground yesterday as shares in Dublin slipped 16.01 to 4679.13.

Overall, the financial sector lost 26.61 points as main rivals Allied Irish Bank and the Bank of Ireland dropped to €12.20 and €10.35 respectively. Similarly Irish Life & Permanent was 5c lighter while Anglo-Irish was down 11c.

Budget carrier Ryanair continued its recent descent easing 3c to €6.35. Elsewhere, Independent News & Media was 1c lighter after it was named as a possible contender to purchase the Daily Telegraph newspaper title.

Among the drug companies, Elan slipped 5c after announcing on Monday that it has begun to pay off $500m in debt due by the second week of December. United Drug due to announce their full year results next week, finished up 1c to €2.37.