Market report: The Irish stock market closed little changed despite a good day for Elan as its multiple sclerosis drug, Tysabri, cleared another safety hurdle.

Shares in the pharmaceutical group added more than 10 per cent in early trade, before giving up some ground in the afternoon.

They eventually closed 18 cent, or 2.7 per cent, higher at €6.80 in Dublin while on the New York stock exchange, they were up by nearly 3 per cent by the Irish close.

Jurys Doyle was among the other features yesterday, closing five cent lower at €19.10 as it emerged that property developer Liam Carroll had sold 2.64 million shares, or a 4.2 per cent stake, to the Doyle family, thereby giving them control of the hotel group by taking them above the critical 50 per cent shareholding level.

Banking stocks were generally weaker as AIB lost five cent to €17.05, Anglo Irish Bank shed two cent to €11.25 and Irish Life & Permanent gave up three cent to €14.85 amid concern about the prospect of increased competition in the lucrative mortgage market.

Bank of Ireland was the only banking stock to move higher, finishing the day at €12.84, a gain of 13 cent or 1 per cent.

Dealers reported a focus on mid-cap stocks ahead of a Davy investor conference on the sector today and tomorrow.

However, several of the bigger names lost ground, with Kingspan shedding 26 cent, or 2.6 per cent, to €9.79 as more than 700,000 shares changed hands.

Independent News & Media also closed lower, down six cent or 2.6 per cent at €2.28, while Fyffes lost three cent, or 1.2 per cent, to €2.50.

Drink and snacks group C&C gave up four cent to €5.35 after its recent strong run, while Paddy Power lost seven cent to €14.55.

Among the smaller stocks, there was good volume in IWP with more than 2.3 million shares changing hands as the stock added one cent, or 12.5 per cent, to €0.05.

Settlement Day: October 20th