Various excuses were thrown up for the notable lack of activity on the Irish market yesterday, with the lure of sunshine and the distraction of the European football championships blamed by more than one observer.

Just two stocks managed to record volume of more than one million shares, with IFG by far the busiest company. Some 2.6 million shares changed hands in the company at €1.03, with shares closing unchanged at the same level.

Bank of Ireland was the only other centre of attention, as 1.8 million shares were traded. The bank rose by five cents to €10.60, thus outshining a number of its UK peers. Dealers said the stock was solid at this level, with reports of BNP Paribas being interested in acquiring national banks helping to underline this.

The French player is reportedly looking at banks that are "entrenched in local markets".

Bank of Ireland was also supported by a move ex-dividend tomorrow.

AIB fared worse, dropping 15 cents to €12.10. Volume was light, with some market watchers suggesting that investors were steering clear of the stock while investigations into overcharging continued.

Anglo Irish Bank was also quiet, with shares falling 14 cents to €13.15. Irish Life & Permanent was a notable outperformer as it climbed 17 cents to €12.82.

The ISEQ finished about 0.9 per cent weaker, mirroring declines in London and the US.

IWP did well in this context, climbing two cents to 29 cents after signing a new agreement with lenders last week.

Paddy Power dropped back by five cents to €9.20, as gaming stocks were hit by concerns that a planned UK overhaul of gambling laws could result in rules being tightened.

Elan fell by 5.5 per cent to €17.80, in spite of news of investment at its Athlone plant.

Gresham was unchanged at €1.28 as the market awaited news of progress on Precinct's offer for the company. An update is expected tomorrow morning.Dublin ReportSettlement Day: June 17th