Despite more heavy falls in Hong Kong, the Irish market drifted marginally lower although it also did not get any impetus from the 52 point jump in London. With Wall Street closed for Labour Day and with continuing uncertainty over German interest rates, few in the market seem willing to take any major position.

Kerry continued the pattern of good interim results from Irish corporates, with the post-goodwill profit figure of £31.9 million coming in about £2 million ahead of forecasts. Kerry was unchanged on 705p, but the level of bid interest suggests that a move up towards the 725p level is likely, especially as the prospect of a rights issue has disappeared. Most of the leaders were unchanged or marginally weaker, with little trading of any size to drive prices one way or the other. Bank of Ireland was 1p higher on 764p, AIB was unchanged on 566p, while Irish Permanent - trading minus the 4.6p dividend - was 5p lower on 635p.

With no trading in Wall Street to influence sentiment, Smurfit drifted 3p lower on 220p. Ahead of results today, CRH closed on the sterling equivalent of 732p - up 5p on the day.

Elsewhere, Avonmore was 10p lower on 290p in the run-up to the finalisation of the merger with Waterford Foods. Waterford itself was 5p lower on 165p. Greencore drifted 3p lower on 315p.