Heavy losses by Deutsche Telekom and France Telecom in expectation of demotion from key European stock indices had a limited impact on Irish stocks yesterday, although prices were generally lower in generally light trading.

The only stocks to trade in any size were AIB and Anglo Irish Bank. More than 2.6 million AIB shares traded as the stock added five cents to €12.45 while just over a million Anglo dealt as the stock closed unchanged on €4.11. Bank of Ireland - which has launched a tender to buy back about €230 million worth of high-coupon preference shares - was 12 cents easier on €10.33 while First Active was three cents firmer on €3.52. Ahead of interims tomorrow, Irish Life drifted five cents to €13.45.

A whole slew of industrials report interim figures this week and CRH, which reports today, remained weak and lost 20 cents to €18.30. Independent is expected to show a decline in first-half earnings tomorrow - mainly down to currency factors - and the shares lost six cents to €2.10, a low for the year.

Glanbia, however, is expected to report continued recovery and the shares were seven cents higher on €1.23. Fyffes was two cents firmer on €1.34 on the back of firmer European banana prices although Green, which has appointed Dresdner Kleinwort Wasserstein and HSBC to handle a big bond issuer, was 10 cents lower on €7.05.

IFG lost five cents to €3.65 as Jupiter disclosed that it recently sold more than 700,000 shares to take its stake from 13 per cent to 11.7 per cent. With New York closed for the Labour Day holiday, there was little change in technology stocks.