Dublin Report: Trading was quiet in Dublin yesterday with a lack of corporate news and a flat performance throughout the rest of Europe making for a largely uneventful session.

Dealers are hoping that the Iseq will manage to gain some strength from a rally on Wall Street as an early wave of strong earnings reassured investors that corporate profits could grow despite rising interest rates.

In Dublin, C&C was the main talking point. Some 5.5 million shares were traded in Dublin and a further five million changed hands in London, with buyers and sellers remaining active in the stock throughout the day.

Despite a good performance for most of the session, the stock ended a touch lower at €6.62, down three cent.

The banks were a mixed bag with AIB and Bank of Ireland in negative territory for most of the morning.

AIB managed to make gains in the afternoon, adding seven cent to €18.35.

Bank of Ireland lost ground on the day, shedding eight cent to close at €13.92.

Anglo Irish Bank was four cent weaker at €11.10.

The rise in UK bond yields coupled with a decline in property yields has led to fears that UK commercial property lending will slow sharply, hurting volumes at banks such as Anglo.

Irish Life & Permanent was 10 cent lower at €17.90. The bank will issue a trading statement tomorrow that is expected to be positive.

CRH was down 11 cent at €25.10. Eircom was four cent off at €2.16 while Elan made gains, adding 32 cent to €13.20.

Other stocks traded included Paddy Power, which was down 15 cent to €12.80.

Independent News & Media lost three cent to end at €2.25 while DCC closed at €17.72, down 28 cent.

In the food sector, Fyffes was unchanged at €1.38 and Glanbia was three cent better at €2.35.

Greencore was off nine cent at €3.60, while Kerry lost 10 cent, drifting back to €16.30.