The ISEQ bucked the trend of other bourses yesterday, easing back 0.27 per cent despite the interest rate increases imposed by the Bank of England and European Central Bank (ECB).

Dealers said it had been a quiet day for trading as investors awaited the ECB decision in the early part of the day while trading remained light for the afternoon session.

Hibernian was the focus for corporate news as Commercial General Union announced a cash offer of €9.65 (£7.60) per share for the insurance group, for which it has a majority of acceptances.

Dealers said the market had treated the news well although the stock did not trade on the ISEQ. "It looks like a done deal in terms of the irrevocable acceptances they have," one dealer noted. Hibernian's stock remained at Wednesday's price of €6.00 (£4.73). Bank of Ireland, despite the news that it has emerged as a possible joint bidder with Irish Life & Permanent for Ulster Bank, finished its run of recent days and was back 21 cents to €8.11 (£6.39) in profit-taking. Dealers said the joint bid talks had already been factored into the recent share price increases. "The fact that it was off 3 per cent today was not significant," one dealer said. Irish Life & Permanent was 12 cents back at €10.20 (£8.03).

AIB also slipped, and was down 11 cents to €12.10 (£9.53) but Anglo Irish gained two cents, going to €2.32 (£1.83).

The industrial stocks had a mixed day, with a large amount of shares trading hands at CRH, the share price of which fell two cents to €18.18 (£14.32). Smurfit consolidated Wednesday's gains and notched up two cents, closing at €2.62 (£2.06).

Barlo, following a 75 per cent increase in pre-tax profits to €9.1 million (£7.2 million), was back 1.5 cents to 82 cents (65p).