Dublin Report: The Irish stock market gave up ground against the international trend yesterday as dealers said investors remained "shell-shocked" following Elan's spectacular collapse last week.

The ISEQ index of Irish shares closed 41.05 points lower as a handful of companies reported full-year results.

Irish Life & Permanent pleased the market with full-year figures showing a 10 per cent rise in pre-tax profits to €400 million. Although the results were slightly ahead of expectations, the shares closed 15 cent lower at €14.80 with traders noting they had been well flagged.

In contrast, Irish Continental Group's results highlighted the tough trading conditions facing the company although the figures were broadly in line with forecasts. The shares closed 10 cent lower at €11.05.

UTV shares in Dublin were unchanged at €7.05 following the release of a good set of figures which were likely to prompt upgrades, dealers said.

Datalex shares edged up 1 cent, or 2.6 per cent, to €0.40 following its full-year figures.

Meanwhile, Elan recovered some lost ground yesterday, closing 20 cent or 4 per cent higher in Dublin at €5.00.

In New York, the stock added 77 cent, or 13.5 per cent, to $6.48 by the Irish close following favourable comments by US hedge-fund manager, Larry Feinberg who said he remains interested in the shares despite selling them last week.

Otherwise, the performance of the leading Irish stocks was lacklustre as AIB lost 16 cent to €16.14, Bank of Ireland shed 17 cent to €13.07 and CRH gave up 25 cent to €21.15, while Ryanair closed six cent weaker at €6.04.

Kingspan was one of the better performers on the day, adding 20 cent or 2.4 per cent to €8.56 ahead of the release of full-year results today and amid rumours of impending acquisitions.

IWP was one of the biggest losers, shedding two cent, or 9 per cent, to €0.20 after issuing a profit warning.