SHARE prices drifted lower in generally thin trading, with Dublin taking its cue from a generally weaker tone on international equity markets. Most of the leaders closed marginally lower, although Smurfit - the focus of weekend comment - was 1p firmer on 166p.

Investors seem to have been reassured from the specific denials by Smurfit finance director, Mr Ray Curran, that the group has no plans to buy out Morgan Stanley's 36 per cent stake in JS Corp. Certainly, there would be little enthusiasm among Smurfit's Irish institutional shareholders for such a move.

Smurfit also saw sizeable trading in London where 2.2 million shares traded as the share rose 3p to 167p sterling as Salomon Brothers reportedly went bullish on the stock, issuing a "buy" recommendation. CRH, however, was the focus of selling and closed down 4p on 624p.

Among the financials, the move was marginally downward with AIB 2p lower on 390p and Bank of Ireland 1/2p easier on 500p. Elsewhere among the financials, Irish Life was 1p firmer on 271p while Irish Permanent was unchanged on 478p.

DCC which was given "buy", recommendations in two of the British Sunday papers - was unchanged on an ex dividend 260p - while Barlo was also unchanged on 40p after half year results in line with forecasts. Green fell 10p to 235p, while Kerry was 5p lower on 670p.

Moody's less than enthusiastic endorsement of Avonmore did not affect the share which was unchanged on 172p. Most in the Irish market have dismissed the comments by Moody's about Avonmore's balance sheet as irrelevant.

Gilts edged forward with dealers reporting buying by German institutions for the first time in three weeks.