Iseq: 2,852.40 (–37.79) Settlement date: August 1stTHE DEADLOCK over the US debt ceiling continued to weigh on markets yesterday, with European stock markets closing lower for the third consecutive day.

The Iseq took its lead from global events, with the Irish market shedding 1.3 per cent to 2,852.

The results of the Bank of Ireland rights issue were announced after the market closed, though Bank of Ireland was actively traded during the day, following the announcement yesterday morning of a better than expected take up of the issue by existing investors. It closed at €0.10.

Elan was one of the main movers after reporting a 24 per cent jump in revenue for the second quarter of the year and re-affirming its full-year guidance. Having performed strongly in early morning trade, hitting highs of €8.78, the pharmaceutical company fell back, in line with the market, closing up just under 1 per cent to finish at €8.60.

Two of the Iseq’s largest players, CRH and Ryanair, lost ground yesterday.

The cement giant closed below €14.00 at €13.75, a fall of 1.6 per cent, a day after the company announced the departure of the head of its products and distribution businesses in the US, and the market awaited first-half results from peer company Saint-Gobain.

Ryanair’s share price continued its downward spiral following its quarterly results on Monday. Its share price lost 2 per cent to close at €3.28, with analysts noting disappointment among market players that there was little follow-through from the results.

Overall, traders noted that the market was weak across the board.

Yields on euro zone peripheral nation’s 10-year debt rose, with yields on Irish, Spanish, Italian and Greek debt rising and German bonds gaining ground.