The market closed higher yesterday but weakness in the price of certain leading stocks slowed the overall performance.

The market is holding its breath for next week when several companies announce results which should prompt an increased level of trade. Despite these predictions, yesterday's retreats in London and New York may mean that gains are limited, dealers said. The most significant feature of yesterdays trading was the contrasting fortunes of AIB and Bank of Ireland.

"We haven't see the big two differ as much during one single day in a long time," said one surprised dealer. While AIB firmed up in busy trading from 818p to 825.5p, Bank of Ireland fell back from 1225p to 1209p. Most dealers said AIB's upward move was caused by speculation about its 1997 results, to be published on Wednesday. The dip in the leaders was completed by CRH which fell 13p to 865p in busy trading.

The big winner of the day was Elan Corporation, which continued its recent strong run and climbed 87p, to close at 4136p.

Commenting on its performance, a dealer said the strong dollar and the stock's performance in New York were the main reasons behind the rise.

"I know the market has been slow to catch up with Elan, but it looks like everybody is interested now," he said.

Irish Life chalked up a fresh record high, edging up from its high on Monday of 505p to close at a firm 512p.

The third-quarter results from Ryanair were said to be a little below expectations by some dealers, while others said they were simply in line with forecasts.

Despite the mixed views, the stock rose 10p, from 395p to 405p.

This rise is not expected to be long-term, say dealers, who expressed concern about the rise in costs shown in the results and the continuation of the strike by baggage handlers.

Another company showing vigour was Grafton, which saw an increase of 3p from 1530p to 1533p on the back of expectations about its results next week and rumours about a takeover of British Dredging.

Clondalkin Group, dropped from 645p to 630p in a reversal of recent trading patterns. Bank of Ireland Asset Management has announced that it now holds 13.44 per cent of Clondalkin's shares after acquiring 1,426,973 shares earlier this week.

Golden Vale's recent run showed signs of running out of steam as it only managed to put on 1p, from 114p to 115p.

Despite this, traders said there is still considerable demand for the shares. Scottish Provident has announced it has increased its stake in the company, from 5.44 per cent to 6.22 per cent.

Among the other movers were Ardagh, up 5p to 125p, Crean down 5p to 150p and Irish Permanent up 5p, to close at 945p.