Heavy trading in Waterford Wedgwood was the only real feature of a dull day on the Irish market, with prices generally depressed by the weaker tone on international markets. Waterford has traded in decent size in the past few weeks but yesterday's 23.9 million shares - more than 3 per cent of the total - is exceptional and suggests there was one large seller in the market. The shares fell four cents to a 2001 low of €1.20 where they remain trading at a discount to virtually every other company in the luxury goods sector.

Vague speculation in the British financial media that Elan was running the rule over the drug delivery group Skyepharma failed to generate much interest, with a view in the market that such a move by Elan was unlikely. Having spent billions in recent years to reposition itself as a fully-fledged pharmaceutical group, a move back into drug delivery through Skyepharma would be seen by many as a retrograde step. In New York, Elan was trading marginally lower in midday trading on $50.35.

Elsewhere share prices were generally weaker with AIB down 17 cents on €12.85 while Bank of Ireland lost 21 cents to €10.30. Anglo Irish - the best performer so far this year - lost six cents to €3.54 in continued proift-taking. DCC bucked the trend and gained 15 cents to €11.45 - AIB has been a recent seller of DCC and is now below the 3 per cent disclosure level, having held around 5 per cent as recently as mid-January.

Fyffes fell as low as €0.97 before closing 1 cent lower on €0.99. Turnover of almost 1.75 million shares led some in the market to suspect that the McCann family may have been back in the market buying the shares.

Among exploration shares, Ivernia recovered ground in Toronto and was trading 15 Canadian cents higher on Can$0.55 although, in Dublin, Ennex's basket of 10 shares was 12 cents lower on €0.50.