MARKET REPORT: AIB was eight cents weaker on €12.14 in reasonable volume as the company announced the details of boardroom pay for last year, with chief executive Mr Michael Buckley netting a €250,000 bonus for successfully closing the Allfirst chapter with the sale of the bank to M&T.

Settlement Day: April 5th

Bank of Ireland was also weaker, closing down 10 cents on €10.15.

The smaller banks fared better with Irish Life & Permanent recovering ground given up on Tuesday. It closed 19 cents stronger on €13.34, though volume was reasonably light. Anglo Irish Bank also found buyers, closing at €13, up 13 cents on the session.

Among the industrials, there was little reaction to the news that the consortium pursuing Gresham Hotels had taken the unusual step of lowering its offer in the light of due diligence.

The €1.45 a share offer has now been cut to €1.35 but the share has lagged that level significantly since a sudden fall early last month. Yesterday, apathy reigned as the shares fell just one cent to €1.22, with fewer than 100,000 changing hands.

Bathroom products group Qualceram Shires retrieved the five cents it lost on Tuesday in the aftermath of weaker results as British broker Teather & Greenwood. The stock closed the day on €1.80.

Of the larger industrials, CRH was five cents weaker in reasonable trade, with close to two million shares changing hands.

Eircom, too, was in demand, with the stock being the second only to Waterford Wedgwood in volume. However, it closed unchanged on €1.46 after trading in a tight range between €1.45 and €1.48.

Elan was one of the strongest movers on the day, adding 30 cents to close on €16.70 as investors weighed up the disposal of epileptic drug Zonegran, which was announced after the close of US business on Tuesday.