The Irish market shook off the continued weakness on international stock markets and closed just over 1 per cent higher. Trading volumes, however, were very low and there were indications of the traditional midsummer malaise setting in. None of the leaders traded in any significant size but Glanbia did trade in excess of one million shares.

Glanbia has benefited from expected strong growth in European cheese consumption and gained 3 cents to €0.96 in turnover of almost 1.8 million shares - hefty turnover for an illiquid stock like Glanbia. Company broker Davy is expecting Glanbia to break through the €1.00 barrier soon.

Irish Continental gained 14 cents to €6.30 as it emerged that Fidelity has been a recent big buyer. Fidelity has disclosed a 12.1 per cent stake in ICG - up from 9.5 per cent - indicating that it has increased its stake by about 700,000 shares to 3.2 million.

Leading stocks were generally firmer. Bank of Ireland jumped 25 cents to €11.43 while AIB added 5 cents to €13.00. Among leading industrials, Elan was 77 cents higher on €71.50 in Dublin and was trading 46 cents higher on $60.46 by midday on the NYSE. CRH jumped 27 cents to €20.20, Ryanair gained 10 cents to €11.95, Independent was 7 cents higher on €2.35 while Kerry gained 25 cents to €13.75 ahead of the despatch of its offer document for Golden Vale.

Technology stocks were mixed. There was strong activity in Baltimore and the stock was 2-1/2p higher on 19p sterling, as speculators took a punt on Baltimore being targeted with a take-over bid. Parthus regained 6p to 51-1/2p sterling but Horizon hit a new low with a 20 cent fall to €1.05.