The Irish market continued to operate at a low level of activity yesterday, but there are some hopes that the imminent start of the corporate reporting season will generate some activity.

The biggest volumes remain in Anglo Irish Bank which has traded up from €3.15 at the start of the year to a high of €3.80. Yesterday, more than two million shares - including a single block of a million shares - traded as the share gained two cents to €3.56.

AIB disclosed yesterday that it had increased its Tier 1 capital from 6.4 per cent to more than 7 per cent with a €500 million capital issue through Barclays and Lehman Brothers. The news had little impact on the share which closed six cents lower on €12.79. Bank of Ireland was five cents easier on €10.25 while First Active was eight cents higher on €2.48.

Among industrials, volume was low and price movements miniscule. CRH eased two cents to €20.06, Eircom was three cents lower on €2.57 while Smurfit was two cents higher on €2.10 after an earnings downgrade and a "buy" recommendation from Goodbody. Ahead of third-quarter results today, Ryanair was marginally higher on €12.31. Among second-liners, Power Leisure hit a new high with a 15-cent gain to €3.25 while Grafton gained 90 cents to €28.00.

There was little of note on the New York markets and technology shares were mixed. Elan was trading 96 US cents higher on $51.63 in midday trading.