Technology stocks gave up a good portion of their recent gains after a poor set of results from German software group SAP and a negative trading statement from Anglo-Dutch group CMG. Financial and industrial shares were generally weaker in line with the tone on international markets.

There was no massive sell-off among the technology shares, but the likes of Iona, Parthus and Smartforce - which had notched up strong gains on Wednesday - were all trading weaker on Nasdaq or in London.

Parthus was down 41/4p on 383/4p sterling while, in midday trading on Nasdaq, Iona was down 73 US cents on $11.35 while Smartforce was 44 US cents lower on $19.

In Dublin, financial shares were weaker. In line with the recent trend, the biggest volume was in Bank of Ireland which fell 25 cents to €9.50. AIB was 15 cents lower on €11.25 while Anglo Irish traded almost 2.3 million shares and fell six cents to €2.24.

Index heavyweight Elan was trading 56 US cents higher on $49.46 by midday on the New York Stock Exchange, but CRH fell 32 cents to €17.77.

The biggest trading was in Eircom where dealing by hedge funds saw 5.3 million shares change hands, as the share eased a cent to €1.30. There was sizeable trading in Fyffes where almost three million shares traded as it lost two cents to €1.20.

Glanbia was one of the few stocks to buck the trend and jumped eight cents to €1.33, while Independent News & Media fell two cents to €1.83 in volume of almost 2.3 million shares.

Smurfit fell five cents to €2.10, while Waterford Wedgwood gained two cents to €0.65 as more than three million shares traded.