THE Irish market had a very quiet day with few stocks traded and volumes very low.
"All the trades were in very small lots and the international investors stayed almost completely away," one trader said.
An initial fall in the Dow also hit sentiment in the late afternoon. "We are really waiting for direction from Wall Street it looks as though it may be going down so people are on the sidelines," one dealer said.
The bank holiday in Britain and much of Europe yesterday meant many traders were still on holiday. In addition, the upcoming Irish bank holiday means many Irish players are also taking time off.
"There was an absence of news in any company, another dealer said. "We are looking for inspiration and most people are just sitting on their hands."
Smurfit was one of the few stocks to attract much business. It closed down 2p a share at 167p.
CRH added 1p to 596p.
Financials were mostly flat, although Irish Life came back a little. It closed down 2p at 253p. AIB closed flat at 337p while Bank of Ireland lost 34p to 442p.
Golden Vale put on 2p to 62p as investors searched for value.
Avonmore also put on 2p to 148p.
Second line stocks were mostly unchanged and many did not deal. NatWest Irish Smaller Companies Investment Trust has acquired 1.72 per cent of Seafield, bringing its total holding to 8.76 per cent.
The stock did not deal yesterday.
The bond market also had a very quiet day although it did manage to move slightly higher.
"All the markets are just marking time ahead of the US employment report on Friday," one trader said.
International investors pushed the market up a little in the early morning but most gains were lost later in the day. The pound" moved slightly lower against sterling to 103.05p from 103.19p and that caused some of the pull back, traders said.
Today's auction of 8 per cent British gilts, due 2021, will be closely watched, he added.
The Irish 6.5 per cent bond, due 2001, was up at 98.32 to yield 6.78 per cent from 6.8 per cent a day earlier. The 8 per cent bond, due 2006, was up to 103.00p to yield 7.42 per cent, from 7.44 per cent a day earlier.
