Nervousness ahead of today's retail sales figures in the US triggered profit-taking on European stock markets, and the Irish market was not immune from the bearish tone with the ISEQ down about 1.5 per cent on the day.

The New York market, however, did not seem particularly worried about the figures and the implications for American interest rates, with the Dow down only a few points as the Irish market closed.

Most stocks closed lower, but Bank of Ireland managed to confine its losses to 5p at a closing price of £14.45 ahead of full-year results tomorrow that are expected to meet the market's highest expectations. Bank shares were boosted in London by a Lehman upgrade while in Dublin, analysts profit forecasts range from £540 million (NCB) to £524 million (Davy and Goodbody).

Elsewhere in the financials, it was downward movement with AIB off almost 13 1/2p to 970p, Irish Life down 13p to 632p while Irish Permanent was 10p lower on 940p.

Among the industrials, some of the SSCC euphoria dissipated as far as Smurfit was concerned and the shares lost 12p to 265p - almost back to the level before the merger announcement. In New York, heavy trading continued in JS Corp and Stone shares although there was little change in prices.

Despite stating that it is unaffected by the safety checks on older Boeing 737 aircraft, Ryanair shares took a hit and closed down 35p on 495p while the ADRs on Nasdaq were trading $1 3/4 lower on $34 1/8. CRH was 8p easier on £10.22 while Fyffes came off its highs and closed down down 6p on 200p. Independent was also weaker and closed down 15p on 405p.

Tullow was one of the few stocks to go against the trend, trading up 3p to 164p.