Midsummer malaise descended on the market with trading volumes slowing to a trickle while share prices drifted lower. Dealers expect little change to this pattern in the weeks ahead unless there is some major event on international markets to drive the Irish market in one direction or the other.

Financials were weaker across the board. AIB lost 30 cents to €12.12 but turnover in the stock was just 141,000 shares. American investment group Capital has emerged as a recent big buyer of AIB shares and a notice to the Stock Exchange discloses that Capital bought almost two million shares two weeks ago to take its stake to 71.6 million shares or 8.1 per cent. Bank of Ireland lost 24 cents to €10.95 while Irish Life was eight cents lower on €13.17, both stocks trading in very low volumes.

Smurfit was the only domestic stock to trade more than a million shares but drifted a cent lower to €2.34. CRH - which is expanding its eastern European business into Ukraine - was 10 cents higher on €19.50 while Barlo lost five cents to €0.70 despite suggestions that last week's selling of the stock was overdone.

Elsewhere, housebuilder Abbey was 13 cents higher on €3.73, Greencore was five cents higher on €2.75, IAWS gained

10 cents to €8.20 although Independent lost seven cents to €2.3 0 following the reports that Australian associate APN may be lining up a €1.3 billion bid for media group Fairfax.