Heavy trading in Bula shares on the back of London newspaper reports of oil and gas finds in Libya was the main feature of an otherwise dull Irish market.

Reports of oil and gas finds involving Irish companies should really be treated with caution, but the Daily Mirror report yesterday was sufficient to trigger a flood of bidding for Bula. The shares soared over 1 1/2 cents to 9 1/2 cents. In London, the pattern was the same. The shares were 1 1/2 pence higher on 6p sterling. Only a few weeks ago, Bula shares were trading at little more than one cent and some speculators have made a killing on the recent surge.

Otherwise it was pretty dull stuff, but Independent's latest e-media investment - the acquisition of Internet Ireland - helped to push the shares to another new high of €7.50, a rise of 25 cents on the day. A €114 million batch of investments also helped to push CRH up 40 cents to €21.80. Smurfit, having enjoyed a strong run, fell 15 cents to €3.20. Eircom rose as high as €4.21 before easing back to close up five cents on €4.15.

Financials were mixed, with AIB 15 cents firmer on €11.15, Bank of Ireland one cent easier on €7.60 while Irish Life & Permanent was 20 cents weaker on €9.95. Anticipation of a firming in zinc prices helped to boost the two mining shares, with Ivernia up 7 1/2 cents on €1.05 1/2 while Arcon was half a cent firmer on 22 1/2 cents.

New York trading in Irish stocks was generally quiet. The main highlight was a $3 fall by Baltimore to $80, while other technology stocks, such as Iona and Trintech, were also easier.