The Dublin market was described as uneventful by dealers with the frenzy of trading in London not repeated here.
Volumes were low and the announcement that French insurer Axa had made an agreed offer for Guardian Royal Exchange one of the few factors pushing up share values, said dealers.
"The ISEQ would not be up at all if the Axa announcement had not been made," said one. He added that the merger between the European banks Societe Generale and Paribas was also significant.
Because of these factors financial stocks were given a boost, with AIB rising from €17.00 (£13.39) to €17.20 (£13.54) and Bank of Ireland, up 10 cents (7.88p) at €19.85 (£15.63).
Dealers said a dearth of corporate news was the main reason for the lack of vigour. Of the announcements which were made, the markets reacted with circumspection to a profit warning from IWP International which said it was finding the current trading period difficult.
Chief executive, Mr Joe Moran, said IWP would not meet its growth expectations for the full year as outlined in its interim report. Dealers did not react too adversely.
"Obviously it will come down to how far out the figures are," said one dealer. The reponse yesterday to the warning was muted, with the shares down from €1.70 (£1.34) to €1.60 (£1.26) in quiet trading.
Elan Corporation's announcement, that its Miguard drug would be going before the Food and Drug Administration, in the United States was welcomed by the market.
