International markets first rose on the back of US retail sales figures, a huge buyback by Cable & Wireless and better-than-expected figures from Hewlett-Packard, but then gave up most of their gains after oil stocks fell on news that OPEC is unlikely to cut output.

The pattern was much the same on the Irish market, although financial shares were firmer than industrial stocks. The main feature on overseas markets was very heavy trading in Elan on the NYSE where bargain-hunters moved for the stock after recent hefty losses.

That selling was prompted by some analysts' suggestions that Elan might find it difficult to meet some earnings targets. By mid-day in New York, more than four million Elan shares - almost three times the daily average - had traded as the stock gained 80 cents from an oversold position to $40.60.

On the home market, there was some chunky trading in Bank of Ireland ahead of today's interims and the share dealt up 12 cents to €9.40. B of I's recent trading statement means that little new is expected in the figures and instead the focus will be on factors such as volume and income growth as well as asset quality. AIB was nine cents firmer on €10.07 after hitting €10.25 in earlier trading.

Among industrials, the biggest trading was in Independent, where 2.1 million shares dealt as the stock gained three cents to €1.63. CRH gained 40 cents to €17.80 while selected food stocks - with their strong defensive qualities - were also firmer and IAWS gained 14 cents to €8.05, while Kerry gained 20 cents to €14.50.

Green was unchanged on €6.10 as long-time shareholder Morgan Stanley disclosed that it sold 3.1 million shares on Tuesday to take its stake from 7.9 per cent to 4.8 per cent. Smurfit was four cents firmer on €2.28, while IFG was unchanged on €2.80 after disclosing that Jupiter Asset Management sold 600,000 shares last week to reduce its stake from 11.67 per cent to 10.7 per cent.