After the extraordinary volumes on the market over the past few days, it was a much more humdrum Friday with lower trading levels and none of the heavy shifts in prices that have been seen over the past few days.

AIB continued its tentative recovery with switching into the share from Bank of Ireland ongoing. Volumes, however, were modest and just 1.4 million AIB shares traded as the stock gained 40 cents to €12.15. Bank of Ireland lost 20 cents to €10.65. Elsewhere in the financial sector, First Active hit a high of €4 before ending up five cents on €3.80 on positive broker comment after its excellent results. First Active is attracting support not just for its operating performance but also because its takeover-proof period expires later this year.

There was heavy trading in Elan in Dublin with more than two million shares changing hands as the stock lost 50 cents to €15.50 after the disclosure of the SEC examination into the company. On the NYSE, there was more heavy trading and by midday some 13 million shares dealt as the stock traded 32 cents lower on $13.17.

The new Ryanair shares were placed at €6.25. The stock rose strongly from that level and almost 3.5 million shares traded as the stock gained 34 cents from the overnight level of €6.74. Independent News & Media recovered from Thursday's heavy selling and gained 15 cents to €1.80. Kingspan lost another 30 cents to €2.70 after the trading statement which raised questions about earnings at its Tate offshoot in the US. Glanbia fell 11 cents to €1.11 in thin trading while CRH remained in strong demand and gained 47 cents to €19.10. In London, Tullow was 1p easier on 94p sterling after Enterprise Oil disclosed that it had sold its entire 3.3 per cent stake, with the 11.9 per cent stake sold to two institutions.