Housebuilding group McInerney was the main feature on the stock market yesterday as Bank of Scotland sold its 24.7 per cent stake in the company for a profit of nearly 18.5 million. The shares closed 30 cents higher at 2.95 after the stock was placed with a number of financial institutions and senior management.

Otherwise, the market closed just marginally higher as it lagged gains in overseas markets. Dealers said some selling of the leading shares had acted as a brake on the Irish market.

Among the losers on the day were AIB, which closed 15 cents lower at 12.90, Elan, which shed 40 cents to €6.85 and Galen, which lost 18 cents to €8.32.

Dealers said Bank of Ireland, which closed unchanged at €11.10, was in the market again yesterday to buy its own shares. The bank said it bought 500,000 shares on Thursday at a price of 11.075 per share.

Also buying its own shares was Irish Continental Group, which gained 20 cents to 7.90. The shipping group said it bought 500,000 shares, or 2 per cent of its share capital, at €7.60 per share on Thursday.

Ryanair continued to advance, gaining 23 cents to €6.25, as management continued to outline its strategy to investors in the US where it is holding roadshows.

Shares in Independent News & Media closed five cents higher at 1.50 after an upbeat annual meeting at which the company announced plans to separate the roles of chairman and chief executive. Jurys was up 10 cents to 7.60 as its announced plans to sell the Tara Towers Hotel and build a new inn in Southampton.