Market Report:Volumes returned to normal in the Irish market again yesterday after a bank holiday lull on Monday, though the movement was minimal, with the Iseq index of Irish shares ending the day more or less unchanged.

Independent News & Media (IN&M) had a particularly busy day, with almost 10.8 million shares changing hands. Dealers reported three decent-sized trades in Dublin - one of two million shares and two of one million - and said it looked like the company had again been in the market buying its own shares, a move believed to be a defensive one aimed at preventing Denis O'Brien from increasing his stake in the company.

One dealer said it was unlikely that Mr O'Brien was behind yesterday's trades due to the price - as high as €3.77 - at which the shares were bought. The stock added 2.1 per cent, or eight cent, to close at €3.83.

The financials put in a mixed performance, with Anglo trading well and ending the day up 2.3 per cent, or 40 cent, at €17.50.

Dealers struggled to pinpoint a reason for the gains, though they said Anglo Irish Bank was set to benefit from the reweighting of the Morgan Stanley Capital International (MSCI) index due at the end of the month.

Volume, however, was light, with only 1.1 million units changing hands.

Bank of Ireland meanwhile slipped seven cent, to €16.60, with two million units changing hands. The bank is due to release its results tomorrow.

Elsewhere, C&C had a volatile day, with the drinks group at one point trading down 4 per cent before recovering some ground to close 1.5 per cent, or 19 cent lower, at €12.15.

Pharmaceutical group Elan held on to some of its gains, ending the day just eight cent lower, at €14.10.