THE market was not surprised by the contents of the Budget. The Exchequer Borrowing Rate at 2 per cent of GNP and the projected growth rate in the economy was what was anticipated.

The reduction in corporation tax to 30 per cent for the first £50,000 profit will benefit the smaller companies but dealers said this was stitched into the market. Also, it will have little impact on the bulk of publicly quoted groups. As such, shares drifted sideways.

The banks showed little change. AIB was shaved by 1p to 365p while Bank of Ireland was up 0.5p to 465.5p. Dealers described trading in the banks as "flat".

Anglo Irish was also listless and put on just 0.5p to 64.5p. Irish Permanent was not much better, and struggled to put on 1p to 407p.

CRH was a "little tired", one dealer said. This was reflected in the fall in the share price from 489p sterling to 473p, an effective fall of about 2p.

Crean, which has a 71 per cent interest in Inishtech, was weaker first falling 5p to 205p before recovering to 207p. Neither of the companies were influenced by the announcement on Monday that Inishtech had made its first move into the US.

The two printing company acquisitions in Rhode Island are expected to add between 3p and 4p to earnings per share in a full year,

Woodchester, whose associated company, Lookers, is expected to, announce the takeover of Charles, Hurst in Northern Ireland, was a little stronger. It put on 3p to 180p. Dealers think that Lookers may announce the acquisition" when it publishes its preliminary", figures tomorrow.