Leading financials and industrials continued to suffer from the summer malaise that has hit stock markets in the wake of Fed chairman Alan Greenspan's warnings about American interest rates.

But telecommunications junior ITG returned to the market with a bang after the suspension while its big acquisition and accompanying placing was being completed. Tullow was also in huge demand after the announcement that the long-delayed Bangladesh licensing round is near completion with Tullow getting a 45 per cent interest in two of the most prospective licence areas.

ITG soared from the pre-suspension price of 305p and the placing price of 323p to close on 376p. This values ITG at £32 million, over four times its value when it was floated on the DCM last year. The arrival of a sizeable number of institutions through the placing should also support the share from now on, with a view that ITG has the potential to be a real high-growth stock. Tullow jumped 23 1/2p to 151 1/2p after the Bangladesh announcement, but the real volume in the shares was in London where almost 3.4 million shares traded as the share jumped 18 1/2p to 133p sterling.

Among the leaders, financials weakened once again and AIB closed down 15p on the sterling equivalent of £10.37 while Bank of Ireland was 12p lower on £14.15. The Irish market is treating Bank's reported interest in Portman Building Society in the UK with some caution, although most agree that Portman would be an ideal fit with Bank's Bristol & West subsidiary - at the right price.

Elsewhere the trend was also downwards, but with few highlights. Hibernian was 30p lower on 700p despite producing impressive results while Smurfit drifted 1p further to close 1p lower on 179p.