The weakness in Far Eastern markets and the resulting fall in bank stocks in London produced another bout of profit-taking in Irish financial shares and most closed lower in medium-sized trading.

But despite yesterday's fall and the general weakness in the stock market in recent weeks, NCB remains positive about the prospects for the market in the second half of the year and has maintained its end-year forecast for the ISEQ of 6000. Strong earnings growth are the main factor in NCB's continued confidence in the market and the broker believes that market earnings growth of 20 per cent is achievable.

Among the financials, Bank of Ireland was worst hit and closed on the sterling equivalent of £13.56, down 29p on the day. AIB closed on the sterling equivalent of 974 1/2p, down 5 1/2p while Irish Life and Irish Permanent were also weaker, with Irish Life easing 1p lower on 623p and Irish Permanent down 15p on 845p.

Industrials were the usual mixed bag, with good demand for Smurfit continuing although the share eased 1p lower to 246p while CRH lost 15p to £10.81. The sale of £27 million worth of shares by Kingspan directors at 310p each had no impact and the shares were unchanged on 315p. It is an indication of the demand for Kingspan that the directors' shares were placed by ABN AMRO at a negligible discount to the market price.

Ryanair results were ahead of forecasts but the shares did not trade from the overnight 520p. Avonmore Waterford took a wallop and lost 25p to 275p where there were still offers of stock.

A mix-up in our "Firsts" in yesterday's market report when it was reported that First Active had bought some of the Donegal Creameries shares sold by Golden Vale. The buyer was, in fact, Friends First - the former Friends Provident. Mea Culpa!