The Dublin market lacked momentum yesterday and, in line with international markets, even its leading stocks fell back. The only satisfactory element of the day's trading was that volumes were respectable.

Despite this, almost all activity continues to centre around leading stocks, with few prepared to take a chance on second-line stocks.

"There is certainly plenty of stock available for buyers, but they are being very cautious at the moment," said a dealer.

The international climate still looks uncertain, said dealers, with continuing turbulence in Asia and Russia. In addition, there are fresh worries that emerging markets like South America are becoming infected by the Asian-inspired financial crisis. The lack of corporate news on the day did not help things, according to dealers. The interim results from Clondalkin Group, showing a 23 per cent increase in pre-tax profits to £13.5 million, were said to be in line with forecasts.

"Clondalkin is a fairly predictable company and there were no great surprises in the figures," said a dealer. However, he added that the company's balance sheet puts it in a good position going into the second half of the year, despite problems in the print and packaging sector. Partly reflecting this view, the share price went up 5p to 585p.

Among the financials, AIB lost 3p to finish at 1147p. "The goodwill which followed the recently announced results is still around, but the price seems to hit a glass ceiling at 1150p," said a dealer. Bank of Ireland, in mediocre volumes, traded down 22p to 1280p, where it has been hovering for the last few days.

Irish Permanent continues to enjoy the expectation building up among investors ahead of its results next week. Its rise of 10p to 870p was strong, considering the overall market weakness. "With the way the property market is at present everybody expects strong figures next week," said a dealer. As for the other financials, Anglo Irish Bank was up 2p to 187p, while Irish Life shed 6p to close at 634p.

One of the biggest losers on the day was Green Property, which slid back 65p to 375p in a late trade.

CRH, which has been rehabilitating itself during the week, fell once more from 900p to 895p in a sluggish trade.

A stock which suffered during the week, Kerry Group, pulled itself up, rising from 825p to 840p, although there was not a budge from another food group, IAWS. Avonmore Waterford, though moving about, ended unchanged at 265p.

Ryanair, which has been softening in recent days, lost 20p to close at 515p, with some dealers putting the fall down to worries among some investors about the entry of other low-cost competitors into the company's market.

Waterford Wedgwood was subject to a significant amount of trading, but only went up 0.5p to close at 73.5p.

Other main movers were Adare Printing, up 5p to 835p and DCC, which was down 10p to 540p.