DUBLIN REPORT:MARKET VALUES plunged in mid-morning trading and failed to recover yesterday, as global concerns about record oil prices continued to drag equities down.

The Iseq index fell 1.3 per cent on a day when trading volumes were lower than average.

Exploration group Tullow Oilwas the stellar performer of the session. Its share price was boosted by its announcement of "unequivocally positive" initial findings at its well off the coast of Ghana. The stock, which mostly trades in London, was the highest climber on the FTSE 100, jumping 24 per cent.

The stock soared 25 per cent to €12.10 on its Dublin listing.

Independent News & Mediarose 2.1 per cent to €1.99 following news that the latest investor to take a stake in the company is Mexican tycoon Carlos Slim - either the richest or second richest person in the world, depending on who is doing the counting.

Sir Anthony O'Reilly and his son Cameron have also been in the market, with Sir Anthony purchasing 500,000 shares yesterday.

Cameron O'Reilly bought 19,000 shares last Friday, with the two transactions combining to bring total directors' holdings to 29.36 per cent.

United Drugclimbed 2.3 per cent on the back of a strong set of results for the first half of the year.

The financial stocks were, as ever, the busiest. Some 3.9 million shares traded in Anglo Irish Bank, but this was relatively subdued given that it is due to publish interim results this morning.

Ryanairfell 5.5 per cent to €2.97 after it released figures showing that passenger numbers were up but load factors - the number of seats filled on its aircraft - were down in April compared to the same month last year.

Building materials group CRHwas the other big loser, falling 4.6 per cent or €1.17 to €24.01.

Iseq: 6,390.09 (-84.53) Settlement date: May 9th