DUBLIN REPORT: Iseq: 3,390.86 (-63.92) Settlement date: September 24th FINANCIAL STOCKS again bore the brunt of pressure as Dublin followed the downward trend throughout Europe, yielding some of its recent gains as investors continue to digest the Nama plan.

The Iseq finished 1.85 per cent weaker, with financials losing 2.51 per cent.

Bank of Ireland was down 4.67 per cent at €3.10, Allied Irish Banks (AIB) was down 3.33 per cent at €3.1, while Irish Life & Permanent was off almost 1 per cent at €5.20. Traders said the decline in the price of the big two could be attributed to profit-taking in light of questions as to whether their recent rallies are sustainable.

They noted that large international investors remain on the sidelines pending clarity as to the actual discount that will be applied to the book value of the property loans that will go into Nama.

In addition, traders made the point that doubt would hang over AIB's capacity to raise new capital in the short term for as long the search continues for successors to outgoing chief executive Eugene Sheehy and outgoing finance chief John O'Donnell.

Index heavyweight CRH was again a prime mover among the industrials, giving up 3.14 per cent to finish at €20.05 after a big spike on Friday following its inclusion for the first time in the Dow Jones Eurostoxx 50 index. Traders saw no surprise in the drop after heavy buying by index-trackers just before the weekend.

Independent News & Media, under pressure to agree refinancing terms with banks and bondholders before a "standstill" deal with them expires on Friday, finished 12.90 per cent weaker at 27 cent. Ahead of further battles with investor Denis O'Brien, the fall reflects fear of dilution in any debt- for-equity pact with bondholders.

Paddy Power's expansion in Australia continues to interest investors. The bookie's shares finished up 2.97 per cent at €21.52.