In thin trading in Dublin price rises in the financials were offset by losses in Eircom, Elan and Waterford Wedgwood. Against the trend across Europe and in the US, the ISEQ index closed 0.2 per cent down on the day.

Trading was mixed with price increases in 28 shares, price falls in 18 shares while 11 shares traded unchanged on the day. While some prices in Dublin responded to market rallies through Europe and in the US, trading was in fairly thin volume as investors looked towards a year end restructuring of their portfolios.

Technologies and the financials did well reflecting good performances in these sectors across European markets and a strong rally on the Nasdaq in response to a change in interest rate sentiment in the US. Against the global rally in technology and telecoms shares Eircom had a bad day, closing two cents down at €2.88 despite a rally in telecoms on European markets. Dealers said weekend reports that a potential bidder for the fixed line business had looked and walked away and concern that Vodafone will pay less than originally expected for Eircell weighed on the stock.

Another mover against the trend was Waterford Wedgwood which fell 5 cents to close at €1.20. Other losers included Elan which fell more than 3 per cent to €58.03 despite the news that the FDA in the US has approved its muscle spasm drug Myobloc. Anglo Irish Bank moved up again, closing 2.3 per cent ahead at €3.10 in continued positive response to its Swiss private bank acquisition.

A good appetite for the financials saw more than 1 million Bank of Ireland shares change hands in Dublin and about 600,000 in London. Bank of Ireland closed 11 cents ahead at €9.69. AIB put on 10 cents to close at €12.70.