With all eyes on today's meeting of the Fed's open markets committee, trading in Dublin slowed to a trickle. Most analysts are expecting another quarter-point cut by the Fed, but this is unlikely to drive markets ahead to any great degree with such a cut pretty well priced in. Trading in technology stocks was nervous ahead of a trading statement this morning by Nokia.

There was little corporate news of note to move price but Smurfit - which has had a good run in the past couple of weeks - fell seven cents to €2.43. The company disclosed late in the day that director Mr Peter Gleeson offloaded 1.5 million shares last week at €2.47 and €2.55. The market is never terribly enthused by directors selling shares and Mr Gleeson's pre-Christmas sale will do little to improve sentiment for a stock which is, at best, neutral.

There was little activity in financial shares with AIB down nine cents on €12.66 while Bank of Ireland was unchanged on €10.48. FBD made a sudden jump and gained 45 cents to €5.20 - but turnover in the stock was just 7,321 shares.

Among industrial stocks, CRH hit an early low of €18.57 before recovering to close 39 cents higher on €19.19. Fyffes fell two cents to €1.37 as the market mulled over the likelihood of a bid for Chiquita, Fyffes' bitter American rival that is currently in Chapter 11 administration. Elan fell 90 cents in early trading in New York to trade at $43.90 as the Irish market closed.

Most of the technology stocks were marginally weaker as the Nasdaq drifted. But Iona, which has jumped 50 per cent in the past week, continued its strong run and was trading $2 higher by midday in New York above $25.50.