The stock market barely budged yesterday as volumes dwindled and the traditional seasonal lull set in.

CRH was one of only three stocks to trade in volume of more than one million, and proved one of the main features on the day as it shed 40 cents, or 2.5 per cent, to 15.55. Dealers reported selling of CRH as investors switched into Hanson after the Irish stock's recent strong run.

First Active provided some news on an otherwise quiet day for corporate newsflow, reporting a 12 per cent rise in first-half pre-tax profits, ahead of market expectations. Although the results were well received, the shares closed nine cents lower at 4.55 amid profit-taking.

Elsewhere, in the financial services sector, AIB added 22 cents to 12.80 although volume in the stock was light with a little over 660,000 shares traded in Dublin. Bank of Ireland gained five cents to 10.40 while Anglo was up four cents to 8.10.

Northern Irish drugmaker Galen lost a further five cents to €8.40 as the market digested news of termination of its takeover talks with Barr Laboratories.

Independent News & Media edged up a cent to 1.72 as the stock enjoyed the highest volume on the day with nearly four million shares changing hands. Dealers said it was proving popular with investors looking to invest in companies with exposure to a cyclical recovery.

Abbey began to feel the benefits of its recent strong set of results, adding 25 cents to 5.65. Trinity Biotech, which reports second-quarter results today, was down 15 cents to 2.85.