DUBLIN REPORT: Iseq:2,129.35 (-37.46) Settlement date:April 2nd

DESPITE SLIPPING by almost 2 per cent, the Irish market proved relatively resilient yesterday as the recent rally in international markets came to an abrupt halt, and stock exchanges around the globe tumbled.

Investors were spooked by the news that the White House had rejected rescue plans from General Motors and Chrysler, making the bankruptcy of one or both automakers more likely. However, even without this negative newsflow, brokers said that they would have anticipated some profit-taking on the Irish market at this point, given its strong run over the last three weeks.

As usual, the performance of the overall Iseq index of Irish shares was a function of its two biggest components, CRHand Ryanair.

Although these stocks fell by 2.3 per cent and 1.4 per cent respectively, one broker noted that they “didn’t get hit as badly as they might have” considering the global sell-off, and this resulted in the “slight outperformance” of the overall Irish market, he said.

The Irish banks had a "very, very negative" day yesterday, he remarked, spiralling downwards in line with European financial stocks. AIBshed almost nine cent to close at €0.55, while Bank of Irelandtraded down by over four cent to €0.455. Irish Life & Permanentdidn't escape the gloomy sentiment either, and lost 12 cent to close at €1.

A small number of stocks managed to buck the downward trend however.

“Defensive and diversified plays performed better which is no surprise,” a broker noted.

In the food sector, Kerry Groupgained 20 cent to close at €14.40, while Aryzta traded up by 18 cent to €17.13.

Elsewhere industrial holdings group DCCgained 19 cent – almost 2 per cent – to finish the session at €11.49.