Iseq: 2,691.21 (-57.31) Settlement date: June 3rd

NERVES OVER what today's Anglo Irish Bank results will reveal and another fall in construction stocks dragged the Irish market down yesterday, with most leading shares finishing down or flat.

Dealers in Dublin said that "everything was down" but the market looked like staging a rally at the close of business as the New York market began to come back following a fall on Wednesday.

The market's biggest constituent, CRH, was down 4.5 per cent at €16.78. Investors sold the stock after its smaller British rival, Wolseley, reported a slump in profits. The sell-off prompted a general fall across the sector in Europe, where CRH is one of the biggest players.

The uncertainty over Anglo Irish Bank's results and what they might contain drove investors away from the banks.

AIB was down almost 5 per cent at €1.278, while Bank of Ireland dipped 3.1 per cent to €1.56. Investors have been betting that Government policy will ultimately get the financial sector out of trouble, which means they are very sensitive to any policy statements or reports about the National Asset Management Agency process.

"The feeling is that, if you look at the numbers, you cannot invest in the banks, but if you look at what the Government is saying, they are a buy," one dealer remarked yesterday.

Irish Life & Permanent looked like a stellar performer earlier when an aggressive buyer, possibly an institution, put in an order that drove its price past the €3.50 mark before it slipped back to close unchanged on its opening quote of €3.29.

Low-cost airline Ryanair had a good day, adding 1.4 per cent to close at €3.603.

Tullow Oil added 2.3 per cent to close at €11.65 after telling shareholders it plans to spend €750 million on development this year.