The Dublin market drifted lower against a background of weaker international markets, with renewed fears of rises in US interest rates undermining sentiment. The surge in banking shares has fizzled out somewhat and will probably remain that way until it becomes clear whether Royal Bank of Scotland will join the battle for control of Natwest. That left the two big Irish banks weaker on the day, with AIB down 12 cents on €11.78 (£9.28) and Bank of Ireland down eight cents on €7.76 (£6.11).
Other financials were better, with First Active regaining a good portion of its recent losses with a 17-cent jump to €2.75 (£2.17) while Irish Life & Permanent added 10 cents to €10.25 (£8.07). IL & P chairman Mr Conor McCarthy disclosed that he had bought 14,000 shares for the benefit of his grandchildren.
Industrials were generally weaker with Eircom falling back below its flotation price once again closing at €3.85 (£3.03), 14 cents on the day. CRH lost 15 cents to €18.10 (£14.25), Smurfit lost two cents to €2.70 (£2.13), although Waterford Wedgwood was two cents firmer on 99 cents (78p) as Dr Tony O'Reilly's brother-in-law, Mr Peter Goulandris, disclosed that he had bought another 100,000 Waterford Wedgwood shares.
Clondalkin did not trade from its overnight €8.90 (£7.01) but the Edgemead management buyout company has increased its irrevocable acceptances to 42.4 per cent, up from 36 per cent.
Icon's first quarter earnings of 15 US cents came in ahead of forecasts, but that did not prevent the shares weakening on Nasdaq and they were trading $1.25 lower at $14.75 as the Irish market closed.
A couple of the exploration stocks rose sharply, with Ovoca up 121/4 cents to 42 1/4 cents (33p) - chairman Mr Paul Smithwick disclosed that he bought 100,000 shares at 36 1/2 cents (29p). Glencar jumped 11 cents to 46 cents (36p).
