The Irish stock market marked time yesterday, ending little changed on the day despite a strong performance from pharmaceutical stocks.

Elan was the star on the day, surging by nearly 15 per cent in Dublin to 4.30 before giving up some of those gains to close 32 cents, or 8.5 per cent higher, at 4.06. The shares were buoyed by news that the company had settled its lawsuit with King Pharmaceuticals and that the sale of its primary care unit would go ahead on revised terms.

Galen was also a strong performer, adding 31 cents, or 4 per cent, to 7.98 after Credit Suisse First Boston in London raised its share price target for the drugmaker to 750p sterling from 610p.

United Drug also had a good day, gaining 23 cents to €13.83 after reporting a strong set of interim results.

In other sectors, performance was more mixed. AIB closed 10 cents lower at 13.10 after announcing it had bought back a further 1.3 million shares, at an average price of 13.42, on Monday. Dealers said it had a little over a million shares left to purchase before completing its buyback and it was probable it had done so yesterday when some 2.6 million shares were traded.

Meanwhile, traders are waiting for Bank of Ireland to begin its buyback now that its results are out of the way. The stock closed five cents higher yesterday at 11.22.

CRH had an uneventful day, closing two cents higher at €13.41 despite speculation that it was one of four final bidders for Frans Bonhomme, a French pipes and plastics joints distributor.

DCC shares closed 10 cents higher at 11.50 as analysts upgraded the stock in the wake of strong full-year results.