With AIB's first-half results failing to provide any surprises, the shares drifted lower in generally thin trading before recovering to close above the day's low. After hitting a low of #11.85, AIB closed down 12 cents to #12.02.

AIB might have been weaker, but Bank of Ireland was in good demand, jumping 32 cents to #11.17 in volume of 1.6 million shares. Anglo Irish Bank was also in better shape, gaining eight cents to #4.28.

Among industrials, the biggest trading was in Waterford Wedgwood where more than six million shares traded although it closed down two cents on #1.06. Smurfit also traded in size and 3.2 million shares traded as the stock added a cent to #2.35. CRH drifted two cents to #19.48, First Active was five cents higher on #3.05 ahead of interim results today while Glanbia was three cents higher on #1.05.

With the Kerry offer closing today, Golden Vale was unchanged on #1.50 while Kerry itself lost eight cents to #14.20. Power Leisure shook off the effects of the big share sale by directors and was 26 cents higher on #3.85 while Ryanair gained 11 cents to #12.11.

There was little action in Irish stocks on overseas markets, although Iona enjoyed a good early run on Nasadaq and was up almost 5 per cent by midday on $18.11. Parthus was also in better shape. It dealt up 3p to 59 1/2p in London and was 44 cents higher in midday Nasdaq trading on $8.30.