Irish financial shares, which missed on most of Thursday's sell-off of European bank stocks, came under heavy selling pressure and both AIB and Bank of Ireland closed sharply lower. Both banks did close off their lows for the day on hopes that the poor US employment figures might trigger a further rate cut from the Fed.

The heaviest trading was in Bank of Ireland where almost 6.4 million shares dealt as the stock fell as low as €9.82 before closing 43 cents lower on €9.88. AIB was less active but fell as low as €11.50 before closing 37 cents lower on €11.98.

The heaviest trading of the day was in Eircom where hedge fund activity saw 10.4 million shares trade at €1.34 and €1.35. Fyffes continued its strong run as analysts prepare to upgrade the shares to reflect the sharp rise in European banana prices and Fyffes' discount to competitors like Dole and Fresh Del Monte. With more than 2.7 million shares trading, Fyffes closed seven cents higher on €1.47.

CRH - which is readying a $750 million bond issue to replace existing debt - was a cent easier on €17.41 while Independent was unchanged on €2.09 after this week's placing. Green Property drifted five cents lower to €7.05 - Green has confirmed that it bought back and cancelled 300,000 shares on Thursday at €7.10 each.

Irish Life was another in buyback mood this week and bought back 500,000 shares yesterday at €13.30 each. These shares have also been cancelled. IFG was eight cents lower on €3.47 after placing €10 million worth of shares at €3.45, Smurfit was a cent lower on €2.44 after heavy trading of 4.2 million shares while Ryanair lost 22 cents to €10.51. After its $60 million acquisition, part-funded by equity, Riverdeep lost 18 cents to €3.95.