Market Report: FBD provided the focus in the Dublin market on an otherwise quiet day with the placing of 4.5 million of its shares by Farmer Business Development for €153 million.

In the transaction, FBD purchased 3.8 million of the shares, equal to 10 per cent of the issued share capital, which is the maximum allowable. The shares will be cancelled by the company.

It said that the buyback formed part of its commitment to maximise its capital for the benefit of shareholders and was taken in the light of the purchase price and the positive impact on earnings per share.

FBD shares closed more than 3 per cent higher at €35.85, up €1.05, following the placing.

Farmer Business Developments remains FBD's largest shareholder with 8.5 million shares or 24.8 per cent of the company. Dealers said that Kerry group was also in the market buying its shares with the transaction to be confirmed today. The stock traded 12 cent lower to €17.08 by close of business.

Otherwise, CRH made some progress in an overall weaker market. The shares added one cent to end at €25, strengthened by positive news flow from its UK peer Hanson in relation to its US operations.

The banks were a mixed bag.

Bank of Ireland was the busiest, with over 2 million shares traded in Dublin yesterday. The stock, which was ex-dividend, lost about 2.5 per cent to end at €13.65, down 35 cent.

AIB was 18 cent weaker at €18.12, Anglo Irish Bank managed to gain 5 cent to €11.45 while Irish Life and Permanent was off 10 cent at €18.40.

In other stocks traded, C&C went 3 cent better to €6.63, Paddy Power went 15 cent higher to €13.55 while Fyffes was 4 cent lower at €1.36, a 3 per cent fall on the day.

Meanwhile Getmobile, listed on the IEX, went into freefall following a profit warning. The shares fell from 33 cent to 11 cent, down almost 70 per cent.