Settlement Date: May 28th: The Irish market marked time at the end of a see-saw week, with the ISEQ index down marginally by 0.71 points or 0.02 per cent on the day.

Elan was one of the features of the day, racing ahead 65 cents or 15.4 per cent to close at €4.86, having earlier hit €5.The performance mirrored the gains made by Elan in New York overnight following positive news on its previously discredited experimental Alzheimer vaccine AN-1792.

Elan was also helped by a broker upgrade from NCB to buy from hold. "A better share price gives the company more room to move on funding which, in turn, bolsters the share price," said one trader.

Among the financials, Bank of Ireland took a hit, falling 30 cents to €11.30 as its buyback overshadowed trade in the stock. It also suffered from switching, with AIB benefiting as it bounced by 20 cents to €13.53. AIB confirmed it had bought 350,000 shares in the market on Thursday at a price of €13.19 but its buyback now appears complete.

Of the smaller financials, Irish Life & Permanent was three cents stronger after a bullish statement from chairman Mr Roy Douglas at its annual general meeting. Anglo Irish Bank weakened by three cents on the day to €7.17, while First Active was 10 cents off at €4.20.

Among the industrials, CRH gave up 25 cents to €13 as the market continued to worry about the impact of the falling dollar on profits from its extensive US businesses.

Ryanair saw some of the most active trade on the day with more than 8.3 million shares changing hands. It closed five cents weaker on €5.57. Independent News & Media was also in demand with almost 7.8 million shares trading as it advanced two cents to €1.42.