Market Report: The stock market closed modestly higher as Irish shares turned in a mixed performance in light trade.

Irish Life & Permanent, which issued a pre-close trading statement, was the main news feature on the day. The stock closed unchanged at 9.75, however, as dealers said concerns about declining margins in its life business were offset by strength on the banking side.

Elsewhere in the financial sector, AIB added 23 cents to €13.08 as it benefited from overseas buying and some switching out of Bank of Ireland, dealers said.

The bank confirmed the purchase on Monday of 1.125 million ordinary shares, at an average price of 13.011.

Bank of Ireland, which lost five cents on the day to 10.54, was also in the market on Monday to buy 250,000 shares at €10.60.

Shares in Ryanair closed above 6.00, adding seven cents to 6.01, as they benefited from a strong rally in EasyJet, which helped lift the sector.

Despite the recent respite from dollar weakness, CRH did not fare as well, losing 24 cents to 13.38.

Among second-line stocks, IFG closed one cent lower at €0.67 after releasing a trading update to accompany its annual meeting.

Other movers included Ulster Television, up 88 cents to €4.41, while fellow Northern Irish group Viridian added 20 cents to 7.98.

Among those stocks that lost ground were Jurys Doyle, which shed 20 cents to 8.20, and Kingspan, down eight cents to 2.57.

Housebuilder Abbey also lost 13 cents to 5.12 while Elan gave up 10 cents in Dublin to close at €6.40.