With France Telecom indicating that Orange would be floated in London at well below market expectations, the market for telecom stocks remained weak and that hit both Eircom and Vodafone, which by now is acting almost as a proxy for Eircom shares given the scale of the Eircell/Vodafone all-share takeover. Eircom fell six cents to €2.46 in Dublin although turnover was low while Vodafone was 4p lower on 232p sterling.

Otherwise it was a tedious day on the Dublin market characterised by small volumes and even smaller price movements. Wall Street seems to have gone to sleep until it sees what the Fed's intentions are towards another cut in interest rates. Until that situation becomes clearer there is little to provide any stimulus.

Bank of Ireland was the best of the leaders, gaining 14 cents to €10.00 while AIB was seven cents easier on €12.93. CRH edged a cent higher to €18.80 while Ryanair gained 20 cents to €10.80. Barlo was two cents easier on €1.04. It disclosed that it now had more than 94 per cent of Athlone Extrusions shares and would move compulsorily to acquire the balance. Ire-Tex group did not trade after disclosing takeover approaches but was almost 30 per cent higher in London.

Technology shares were mixed with Horizon 14 cents firmer on €7.42. Nasdaq-listed shares were marginally easier in generally thin trading despite a positive reaction to recent quarterly results.