Bank of Ireland was the main feature on an otherwise lacklustre Irish stock market yesterday.

Shares in the bank lost seven cent to €12.33 as close to five million shares changed hands ahead of the release of a trading statement today.

While analysts expect the bank to flag a good performance at its Irish banking operations, most of the focus will be on its cost-cutting plans. Up to 2,000 jobs are expected to go as the bank seeks to achieve cost savings of more than €100 million a year.

Elsewhere in the financial sector, volumes were lighter while performance was mixed. AIB climbed by 12 cent to €15.92, Anglo Irish Bank added 15 cent to €20.15, but Irish Life & Permanent gave up 20 cent, or 1.4 per cent, to €13.90.

Overall, the Irish market finished the day broadly unchanged as international investor sentiment remained wary ahead of a meeting of the US Federal Reserve and against a background of rising oil prices.

Shares in Ryanair, one of the stocks most exposed to oil price fluctuations , slipped by 13 cent or 2.2 per cent to €5.77.

United Drug enjoyed above-average volume with around 2.7 million shares trading as the stock closed three cent lower at €3.40.

Despite the prospect of increased competition in its core cider market from the Scottish & Newcastle-owned Beamish & Crawford, shares in C&C were unchanged on the day at €3.10.

Other movers yesterday included Kerry Group, which added 25 cent to €17.95, and Fyffes, which gained eight cent or 3.7 per cent to €2.22.

In Dublin, Elan shares added eight cent, or 1.5 per cent to €5.58 while in New York, the stock edged up by four cent, or 0.5 per cent, to $7.29 (€5.54).

Waterford Wedgwood shares were again active, adding 13 per cent to €0.04 as investors speculated that the company would launch a major financial restructuring plan to deal with its current difficulties.