The strong gains on European markets by telecom and technology stocks which pushed major indices ahead by more than 2 per cent, had little impact on activity in Dublin - where price changes were again modest. There was, however, some decent turnover but dealers expect little activity on Monday when the Irish market will be open despite the bank holiday.

Smurfit continues to be the most actively-traded stock but within a narrow price range, and the stock added just a cent yesterday to €2.19 in volume of almost 3.2 million shares. Both big banks traded 1.3 million shares, with AIB moving 10 cents higher on €11 while Bank of Ireland was unchanged on €9.65. Anglo Irish was six cents higher on €3.41.

Among the industrials, Elan was weaker with post-results selling in New York depressing the stock. CRH made strong early gains, hitting €18 before weakening sharply in later trading to close just 25 cents higher on €17.25.

Independent News & Media recovered from an early fall to €1.76 to close just a cent lower on €1.81, as investors look towards developments in Australia and New Zealand. Ryanair was 15 cent higher on €10.65.

There was unusually heavy turnover in mining stock Arcon, where 1.56 million shares - including a single line of a million shares - dealt as the stock stood still on €0.04. Cold storage group Norish jumped 13 cents to €0.58 in very small volumes.

The best performer on overseas markets was clinical trials group Icon, which was trading $1.90 higher on $27.40 by midday on Nasdaq. Icon was boosted by an upgrade from Goldman Sachs. Technology shares were mixed.