HALF year results at Bank of Ireland may have come well in line with market forecasts, but the absence of any surprises in the figures became a pretext for some sizeable profit taking in banking shares.

Bank of Ireland ended the day down 11p on 500p and AIB was 5p lower on 390p performances hardly justified by anything in the Boll results and, according to some market sources, reflecting the herd mentality in the Irish market. "When one big player decided to take a bit of profit then others just followed, it's pathetic," commented one dealer.

AIB was the focus of selling in London also where 1.35 million shares traded.

Elsewhere, Irish Life the heaviest traded share in recent days, continued to deal in size and a closed down 2p on 268p although it was well bid at that closing level.

The top management shake up which sees Peter Fullam take on a developmental role is seen in the market as reflecting a more acquisitive approach by Irish Life. Irish Permanent was 3p higher on 478p as a further 1.7 million shares were issued under the loyalty bonus scheme.

Greencore, which has cut its beet price to farmers by 82p a tonne to reflect the green pound revaluation was 3p higher on 357p. A bumper sugar harvest is in store for Greencore with an 18,000 tonne surplus expected.

CRH drifted 4p lower to 629p in thin trading while Smurfit was unchanged on 163p.

Gilt prices firmed all along the yield curve thanks to some afternoon buying with the market boosted by positive economic figures from the US. Dealers said that Irish bonds are once again looking cheap against German bunds and some believe that a renewed bout of convergence trading may be prospect.