The Iseq index of Irish shares failed to hold on the gains made in the bright start to morning trading and despite a brief rally in late afternoon trading, it closed the day in negative territory yet again.
It ended down just 4.45 points or 0.09 per cent at 4,858.78 and was alone among the 18 western European markets to find itself in the red.
Yet again financial stocks were the main culprits. Irish Life & Permanent did most of the damage as its share price plummeted by nearly 10 per cent as it lost 59 cents to €5.36 on the back of having its ratings outlook lowered to negative by analysts at Moody's Investors Service, which cited dependence on wholesale funding and falling profit.
Other banking stocks were also under pressure. AIB was down 2.5 per cent to €8.969, while Bank of Ireland, ahead of an expected trading statement to accompany its shareholders' meeting tomorrow, lost 12 cents to €5.06. Anglo Irish Bank bucked the trend, however, edging up 2.4 cents to €5.474.
Construction heavyweight CRH also in the doldrums as it slipped back more than 2 cent, shedding 35 cents from its share price to €16.27.
Low fares airline Ryanair recovered a lot of the ground it lost in Friday's trading. It was one of the star performers of the day, benefitting from the retreat in oil prices to less than $141 a barrel from record highs of nearly $146 a barrel. It ended the day 5.6 per cent stronger at €2.545.
Elan also enjoyed a good day, picking up 45 cents to €22.35, while Dragon Oil was up 20 cents to €6.10.
It was a mixed day for food stocks. IAWS picked up 20 cents to €15.80. Kerry was up more than 3 per cent to €19, but Glanbia was 22 cents weaker at €4.70 and Greencore declined by more than 2 per cent to €1.82.
European stocks climbed after a five-week rout left the Dow Jones Stoxx 600 Index at the cheapest relative to earnings in at least six years and oil prices fell. The Stoxx 600 added 1.2 per cent to 283 at 4:30 pm in London as about three stocks rose for every one that fell.
National indexes rose in all 18 western European markets except Ireland. Germany's DAX rallied 2.2 per cent, while the UK's FTSE 100 increased 1.6 per cent. France's CAC 40 advanced 1.7 per cent.