Settlement Date: January 31st: The market closed modestly lower despite an improvement in international markets after Monday's sharp falls on fears of war in Iraq. Dealers said the performance of the leading stocks was mixed but volumes were light as investors took to the sidelines.

First Active was one of the strongest performers on the day, adding 25 cents to €5.70 after reporting better-than-expected full-year results and a higher-than-expected distribution to shareholders. Other financial stocks did not fare as well.

AIB was unchanged at €12.45 as was Irish Life & Permanent, which closed at €10.20. But Bank of Ireland lost 18 cents to €9.25 while Anglo Irish Bank was off six cents at €6.64.

CRH, however, added 10 cents to €11.40 as investors waited to see if US President George Bush's State of the Union address includes any new proposal on the 2003 federal highway budget.

Ryanair also gained ground, closing six cents higher at €5.90 after announcing plans for a Scandinavian hub, near Stockholm.

Among secondliners, DCC, which announced the acquisition of waste chemical treatment company, Shannon Environmental Services, lost 60 cents to €10.00.

Datalex shares traded in heavy volume with around 8.75 million shares changing hands as a unit of Swiss Air, which has gone into liquidation, was forced to sell its stake in the company. The stock closed two cents lower at €0.38.

Nearly 2.5 million Riverdeep shares were traded although the stock held steady at €1.37. Bank of Ireland Asset Management announced the sale of a further 11,800 shares in the group on Monday at €1.37 per share, cutting its stake to 11.03 per cent.