Market Report: The Irish market again took its direction from European peers, ending the day slightly down as a lack of Irish corporate news gave it little direction of its own.

Eircom, Thursday's big news story, slipped back slightly though remained well ahead of its levels earlier in the week after the company said 99 per cent of the new shares it offered to shareholders to fund its acquisition of mobile phone group Meteor have been taken up.

The stock, which jumped almost 10 per cent on Thursday, slipped 3 cent, to end the day at €2.21. About 5.2 million shares changed hands.

Elsewhere CRH continued its declines, losing 10 cent, to close at €22.50.

Independent News & Media was also among the losers after the High Court granted the new Metro freesheet an injunction which prevents Independent Newspapers from using the title Metro in a new rival freesheet edition of the Evening Herald. The stock recovered a little of its lost ground to end the day down 3 cent, at €2.35.

Moving in the other direction, homebuilder Abbey was among the gainers after the group reported a solid start to its financial year and said it is on track to start building on its site in the Czech Republic next year.

The stock rose 20 cent, or 2.3 per cent, to end the day at €8.92.

The main financials also had a good day, with Allied Irish and Bank of Ireland both adding 8 cent to close at €17.95 and €13.18 respectively.

Meanwhile Anglo Irish was unchanged at €11.49. Volumes were reasonable in all the banks after one dealer said Morgan Stanley issued a bullish report on the Irish banking industry.

Grafton was also a beneficiary of the report as the broker initiated coverage of the Irish building materials and DIY group. The shares rose 8 cent, to end the day at €8.48.

Drinks and snacks maker C&C rose 6 cent, to €5.21. It is due to report interim results next Tuesday, which could push the shares even higher.

Settlement Day: October 11th