Dublin Report: The Irish market recovered slightly yesterday from the big losses it recorded on the previous day, although a lack of buyers provided it with limited momentum.

The day started off more positively than it ended as the market looked like following on from the strong performance seen overnight in the US, but things tapered off and most stocks remained subdued.

Following its negative performances over the past two days, Irish Life & Permanent led the financials in an upward direction, adding 21 cent to close at €14.26.

Anglo rose 35 cent to end the day at €11.40, while Allied Irish Bank rose 3 cent to close at €16.68. Bank of Ireland bucked the upward trend, dropping 10 cent to €12.45.

Eircom had another bad day, losing 8 cent to close at €1.89. One trader said the group has struggled to find support since the Australian investment fund Babcock & Brown Capital revealed themselves as the purchaser of a 12.5 per cent stake in the group. This led to speculation earlier this month that a rival telecoms group was about to make a bid for Eircom.

Elsewhere, Grafton lost 11 cent to close at €8.15, while drinks and snacks maker C&C moved down 18 cents to €5.02.

Building materials group CRH continued its recent declines, dropping 3 cent to €20.85.

Jurys Doyle dropped 39 cent to €18.50. Speaking at the handover of the bulk of the €260 million he owes in return for the five acre Ballsbridge site, property developer Sean Dunne said he had no plans to bid for the hotel chain. Waterford Wedgwood was one of the busier stocks of the day, with as many as 8.6 million shares changing hands, more than double the three-month daily trading average.

Still, it ended the day unchanged at 6 cent, despite management telling shareholders that trading had been challenging since the end of March.

Elsewhere, Ryanair added 5 cent to end the day at €6.67.

Settlement Day: October 25th