Market reportThe Irish Overall Index was little changed yesterday as managers of funds that track indices bought and sold shares needed to balance their funds at the end of each month.

The Iseq climbed 11.08 points, or 0.2 per cent, to close at 7,605.86.

Bank of Ireland led the declines as fund managers reshuffled their holdings of the stock and as investors shrugged off a positive earnings report from the bank on concern the Irish economy would overheat.

Figures from the Central Bank yesterday showed that the amount of borrowing in the economy continued to grow strongly in April, with the annual rate of growth hitting its highest level since March 2000. The data followed news earlier this week that house prices were rising at the highest level in six years.

"People are concerned about the economy and how high property prices are and the possibility of bad debts going forward," one dealer said. "Even investors in Anglo Irish expressed concern to management during the roadshow that the Irish economy is a bubble about to burst."

Bank of Ireland slumped 5 per cent, or 71 cent, to €13.48. The company reported that net profit climbed 23.4 per cent to €1.29 billion last year on the back of strong growth in its retail banking and life-insurance units.

However, its overseas investment arm, Bank of Ireland Asset Management, reported a continued loss of business as its pre-tax profit fell 32 per cent to €85 million.

C&C, the distributors of Bulmers cider, was one of the stocks that posted gains in the Dublin market yesterday after the latest AC Nielsen data for the cider market in Great Britain indicated a positive performance for C&C's Magners brand. The stock jumped 5.5 per cent, or 35 cent, to €6.70. The volume of cider sold in British pubs increased 8.3 per cent in the 12 months to March. Magners' volume growth for that period was 204 per cent in Scotland and 314 per cent in London.