The Irish market took its cue from the weaker tone overseas and drifted lower, with price changes generally modest. The near 1 per cent fall in the index is almost totally down to weakness in Elan, which fell sharply despite producing excellent third-quarter results.

Elan has had a good run ahead of the third-quarter numbers but, despite posting earnings at the top end of forecasts, the shares lost €1.38 to €55.02 in volume of 287,000 shares. In New York, trading was heavier and by midday almost a million shares traded as the stock fell almost a dollar to $48.18.

In contrast, pharmaceutical minnow Trinity Biotech plunged 31 US cents to $1.39 after poorly-received third-quarter results.

On the home market there were few highlights, but Fyffes managed a three cent gain to €1.24 after beleaguered rival Chiquita produced a good set of third-quarter results, based on better banana prices in both the US and Europe.

Fyffes has been touted as a possible bidder for Chiquita, but analysts are sceptical about such a move by the Irish group.

Among the large capitalisation stocks the two big banks enjoyed contrasting fortunes, with AIB down nine cents on €10.90 while Bank of Ireland edged ahead nine cents to €9.65. CRH was 37 cents lower on €17, while Ryanair lost some of its recent gains, closing 40 cents lower on €10.50.

Some of the biggest trading was in Smurfit which gained 11 cents to €2.18, with almost 21.6 million shares changing hands. Smurfit, however, is finding it difficult to break through €2.20.

Independent News & Media was unchanged on €1.82 after confirming that it is mulling a bid by Australian associate APN for its wholly-owned New Zealand business, Wilson & Horton.