In terms of volumes traded it was a nothing day on the Irish market with many investment books already long closed, but there was still a smattering of decent gains in some of the industrials while the increased bid for Esat by Telenor generated some pre-Christmas excitement.

Telenor was expected to increase its offer for Esat, but there was still some surprise that the Norwegian hostile bidder moved so quickly. The market reaction was that even $85 a share might not be enough to get 80 per cent acceptances and that the offer may have to be increased for a third time.

It does look, however, that any prospect of Esat finding a white knight has been dashed by the Telenor move. Esat shares dealt up to over $91 on Nasdaq but were trading around $89 as the Irish market closed - $4 above the new offer.

Smurfit was the best of the leading stock, and was 10 cents higher on a year's high €2.99 (£2.35) after an upgrade from Bear Stearns following the reorganisation of the Smurfit and Smurfit Stone operations in Europe. CRH, however, was hit by profit-taking after its recent strong run and closed down 651/2 cents on €20.70 (£16.30). Eircom was unchanged on €4.20 (£3.31.)

Financial shares were thinly traded with AIB edging five cents lower to €11.00 (£8.66) although Bank of Ireland was 131/2 cents higher on €7.70 (£6.06). Elsewhere, Independent traded 25 cents up to a new high of €6.10 (£4.80), Kingspan was 18 cents stronger on €2.80 (£2.21) while technology minnow Rapid almost doubled from 90 cents (71p) to €1.70 (£1.34) after its results. Waterford Wedgwood edged a cent higher to €1 (£0.79).