Dublin report:It was a case of treading water for the Irish market yesterday as it closed just 0.1 per cent lower, underperforming its European counterparts as usual, writes  Claire Shoesmith.

Volumes were decent across the board, with dealers reporting significant swings in individual prices over the course of the day.

Bank of Ireland had a very rocky ride, closing up 2 per cent, or 24 cent, at €12.04, though swinging as high as €12.14 and as low as €11.79 during the day.

Dealers said the gain may be late recognition of the positive trading statement the bank released on Tuesday. Some 4.2 million shares changed hands.

AIB was even busier, with as many as 6.2 million shares trading, although the stock moved in the opposite direction, slipping 0.9 per cent, or 14 cent, to close at €16.

Earlier in the day it had traded as high as €16.50. One dealer said the bank may still be suffering as a result of its exit from the Eurostoxx 50 last Friday.

Homebuilder McInerney again took a battering, falling 10.5 per cent, or 15 cent, to €1.28. This followed a 21 per cent drop on Tuesday when the group reported a decline in first-half profits and said it would miss its target of house completions for the full year. This negative sentiment affected Kingspan, which fell 3.7 per cent, to €15.17.

Elsewhere Independent News & Media lost 5.1 per cent, or 15 cent, to end the day at €2.72. Dealers said the company was still feeling the effects of Citigroup's sell recommendation.

The company was also back in the market buying shares. It spent almost €3 million buying back 1 million units.

Meanwhile Irish Continental added 1.2 per cent, or 30 cent, to close at €25.50. Shareholders yesterday rejected the €24 a share offer from management-led group Aella.