Shares in Irish Continental Group (ICG) gave up 2 per cent yesterday as concerns about industrial action at the company mounted following Siptu's decision to issue strike notice.

The stock shed 20 cent to €9.70, but volume remained light as investors waited to see whether the company would succeed in the attempt to cut its cost base.

Dealers said the stock was likely to come under further downward pressure unless the threat of a strike was averted, but speculation of a management buyout could lend some support in the short term.

Trading in general on the Irish market was muted yesterday, with the Iseq closing 0.5 per cent higher, as the market awaited the outcome of the US Federal Reserve meeting.

Grafton was among the more active stocks, making up Monday's losses to close 12 cent higher at €8.55.

Other movers included Paddy Power, which gained 25 cent or 1.7 per cent to €14.65.

There was good volume in United Drug, with more than 1.5 million shares traded, although the stock finished unchanged at €3.45.

Banking stocks had another quiet day with volume in the two leading banks very light. AIB closed 19 cent, or 1 per cent, higher at €17.70, with just around half a million shares traded, while Bank of Ireland finished eight cent higher at €12.90.

Anglo Irish Bank was more active, with 2.6 million shares changing hands, but closed unchanged at €10.95.

Dealers said CRH shed 11 cent to €21.95 as the stock struggled to remain above €22.00, a key technical level. Ryanair finished unchanged at €6.80, despite news of delays to delivery of a number of new aircraft.

Jurys Doyle remained quiet, with just 72,000 shares traded, as the stock added three cent to €18.55.

In the food sector, Glanbia lost five cent, or 2 per cent of its value, to close at €2.40, while Fyffes also slipped by five cent, or 1.9 per cent, to €2.63.