The ISEQ index closed 19 points firmer at 5,119.06 yesterday despite a fall-off in financial stocks which lost almost 2 per cent on the day.

The two big banks suffered losses in low volume trading. AIB shed 22 cents to close at €9.25 and Bank of Ireland fell 10 cents to €6.70. First Active was also weaker, down five cents at €1.80, but Anglo Irish Bank managed to buck the trend, adding three cents to close at €2.36. Eircom continued its slow recovery on the back of Telia's decision to lock-in its shares last week and was up a cent to €2.81. ITG was up 40 cents to €10.35 after announcing that it was acquiring Targeted Transaction Management Services, which makes vouchers to top-up pre-paid mobile phones, for £12.5 million.

Other stocks which gained included CRH, which added 10 cents to close at €18.80 and United Drug, which was up 30 cents to €7.30. Ryanair, which was tipped by Salomon Smith Barney last week, finished up 23 cents at €9.33.

Three of the major losers of the day were Adare Printing Group, which shed 20 cents to €10.50, DCC, which lost 39 cents at €10 and Arnotts, which fell 20 cents to €7.10.

Quiet trading was a feature of the European markets yesterday with traders waiting for the release of figures from the Economic Costs Index in the United States.

As the Dublin market closed the only sign of volatility was on the Nasdaq which was down 2 per cent. Iona was down more than 6 per cent at just under $75 and Smartforce was down 3 per cent at $49.