While most market players spent most of the day doing not very much ahead of last night's decision on interest rates by the Federal Reserve, there were a couple of highlights on the Irish market.

The main corporate news story was results from Kingspan, which were accompanied by what analysts interpreted as a veiled profits warning relating to the group's American business. Earnings forecasts for the current year were duly pared back and this was largely responsible for a 40 cent fall in Kingspan shares to €3.90. Volume in what is an illiquid stock was a chunky 1.4 million shares.

Eircom was the other highlight, rising as high as €2.49 before closing nine cents higher on €2.43. The main reason was a stronger showing by European telecom shares where Vodafone traded up more than 3 per cent to 207p sterling. More than 2.2 million Eircom shares traded.

Leading stocks were mixed but CRH remained firm and dealt up 20 cents to €17.55 while the nil paid rights gained 30 cents to €7.02. Among financials, AIB was eight cents higher on €11.21, Bank of Ireland drifted seven cents lower to €9.08 while First Active lost 12 cents to €2.52.

Technology shares had an altogether better day after the bath they took on Monday. Just as it fell more than 20 per cent on minuscule volumes on Nasdaq, Datalex regained most of those losses yesterday in tiny volumes. By midday on Nasdaq, the shares were $1 higher on $6. Baltimore regained 101/2p to 1731/4p sterling in London while on Nasdaq Smartforce was the star, gaining almost 11 per cent by midday to $35.87.