Weakness in London and New York dragged the Irish market lower in the afternoon session, but dealers said that there was no major selling pressure, with some investors using the international weakness to take profits from the market. On the gilt side of the market, the main focus is on this morning's announcement from the NTMA on next week's auction. Most in the market believe that the NTMA will open up a new 2008 benchmark stock and close off the existing £3 billion 2006 medium-dated benchmark. A tap or auction of around £200 million is expected, but the NTMA was keeping silent last night on its plans.
The gilt market will also be looking closely at today's mid-August inflation figures - forecasts vary between 1.4 per cent and 1.7 per cent.
Most of the leading stocks drifted lower, with AIB down 2p on 570p and CRH down 5p on 732p, although Bank of Ireland was 1p firmer on 776p and Smurfit unchanged on 215p.
Some second-liners also drifted lower, with Clondalkin falling 10p to 595p and DCC down 30p to 400p. Kingspan continued its recent strong run, up another 35p to 1210p. Independent was firm on 410p after excellent first-half results and upgrades from analysts while Crean - despite dismal results - was 5p higher on 170p.
Some of the resources stocks made good gains, with Ennex up 2 5/8 p to 34p and Glencar up 5p on 43p. Providence - on its second day on the market - was well-supported on 4p.
