Shares on the Irish market ended fractionally higher yesterday with dealers reporting particularly strong activity in Eircom.

The stock is due to enter the FTSE Eurotop 300 index on September 20th with fund managers trading in the stock ahead of the realignment.

About three million Eircom shares were traded in Dublin with a further six million dealt in London, lending good support to the share price.

By close of business the stock had gained three cents to end at €1.50.

Irish financial stocks were generally weaker and appeared to run out of steam.

Irish Life & Permanent's share price bounced ahead on Wednesday amid speculation that it could become a takeover target for the cash-rich Halifax Bank of Scotland (HBOS) bank after it withdrew its interest in Abbey National.

The bancassurer gave back much of those gains yesterday, with some investors taking the opportunity to realise a profit.

The group is likely to continue to be linked with such speculation although the market seems to expect that National Irish Bank and its sister, Northern Bank, which are expected to be sold, are a more likely target for HBOS.

Irish Life & Permanent shares shed 23 cents during yesterday's session to close at €12.87.

AIB shares were weaker at €13.36, down six cents while Bank of Ireland lost five cents to end at €11.30.

CRH was reasonably quiet with the shares adding 15 cents to €19.25.

Elan, which will also enter the FTSE Eurotop 300 index, made progress in Dublin with the shares rising four cents to €19.84.

Waterford Wedgwood recovered some ground after a knock-back yesterday to add two cents to 14 cents.

There was fairly light trading in Ryanair with the shares going three cents higher to €4.27.

Ulster Television put in a strong performance with the stock rising to €6.12, up 58 cents.

Settlement Day: September 21st