Another quiet day, with light volumes resulting in a subdued market as the only home-based news came from Elan and Independent News & Media.

One trader attributed the low volumes to a clampdown by the Revenue on brokers failing to charge the required 1 per cent duty on all Irish contract for difference (CFD) purchases.

Pharmaceutical group Elan dropped as much as 10 per cent after US regulators delayed the return of its multiple sclerosis drug Tysabri to the market. The Food and Drug Administration said it needed up to 90 more days to consider a revised risk management plan for the drug, which was involved in the death of two clinical trials patients.

The stock recovered slightly, but still closed down 98 cent, or 8 per cent, at €11.20.

Independent News & Media lost 2.6 per cent despite delivering a 41 per cent increase in pretax profits. Traders said there was some confusion in the market as to how to interpret the exceptional charges. Operating profits before exceptional items rose 11 per cent. The stock ended down seven cent, at €2.60.

Building materials group CRH was under pressure, as were Grafton and Kingspan, which both went ex-dividend.

CRH fell 30 cent, or 1 per cent, to €28.20. Kingspan was down 20 cent, at €12.36, while Grafton slipped four cent, to €10.76.

Dealers reported continued interest in Greencore, which ended the day up five cent, or 1.3 per cent, at €3.80.

C&C recovered slightly after UK chancellor Gordon Brown froze duty on cider. There had been concern that any increase in duty could affect the rollout of C&C's Magners cider in the UK. The stock ended down seven cent, or 1.3 per cent, at €5.43.

The financials put in a mixed performance, with Irish Life & Permanent being the star performer, rising 30 cent, or 1.6 per cent, to €19.30.

Allied Irish Bank was up 11 cent, at €19.37, while Bank of Ireland and Anglo Irish Bank both dropped 10 cent to close at €15.30 and €13.35 respectively.