The Irish market continues to wind down gradually, with volumes getting lower by the day as fund managers close their books for the end of the year.
Corporate news was thin but reports that Elan has started Phase III trials of its Antegren treatment for multiple sclerosis and Crohn's Disease boosted the shares. In New York, where the vast bulk of the shares trade, Elan was up $1.36 by midday on $44.16.
Otherwise, it was either small losses or standstill among the leading shares, with AIB down two cents on €11.75 while Bank of Ireland was unchanged on €9.80. CRH gave up some of its recent gains and closed 25 cents lower on €19.45.
Fyffes lost nine cents to €1.23 for no obvious reason, while Alphyra did not trade from its overnight €4.50 after releasing interim results and announcing the sale of its telecoms and computer businesses for €12 million.
Independent News & Media traded as high as €2.05 before closing nine cents higher on €2, Irish Life & Permanent fell as low as €11.20 before closing 38 cents lower on €11.52 after an earnings warning, while Smurfit bucked the downward trend and dealt up two cents to €2.48. Kingspan lost 20 cents to €3.15 while Unidare fell 10 cents to €1.25.
Marlborough hit an all-time trading low of €0.13 before recovering some ground to close seven cents lower on €0.18. Bula's erratic trading in the wake of the Gaddhafi Charitable Foundation investment continued and the basket of 10 shares was three cents higher on €0.22.
On Nasdaq there was little action in Irish stocks, but software group Datalex fell 28 cents to $0.70 - albeit on turnover of just 2,800 shares.
