THE Irish market dropped slightly in late trading yesterday. Conditions were quiet with little direction from overseas with many markets closed for Remembrance Day holidays.

Trade was concentrated on a handful of stocks, particularly the financials. Traders said they were looking forward to Bank of Ireland interims tomorrow.

Bank of Ireland lost 1p to close at 512p a share, while AIB dropped back 2p to close at 398p a share.

Irish Life lost 1/2p to close at 273p, while Irish Permanent added 1p to close at 472p.

CRH put on 6p to close at 637p, while Smurfit remained flat at 165p hying traded as high as 167p earlier in the day.

Industrial holding company, DCC, closed 3p lower at 257p after it announced two acquisitions. It said earlier that it had acquired a 45 per cent interest in Merits Health Products for $4. 18 million as well as buying the wholesale divisions of Mitchell & Son wine merchants.

Independent Newspapers dropped 8p to 320p. Earlier, the company said its offer for the New Zealand publisher, Wilson & Horton, would definitely close on Friday.

The US holiday also held back trade in the bond market, although some small gains were made across the curve.

The Irish market moved in tandem with other European markets, although it slightly underperformed the UK, dealers said.

The Federal Reserve FOMC meeting tomorrow will be closely watched for any sign of US interest rate intention, traders said. "At the same time, the Ecofin meeting will be monitored for any sign of single market developments.

The 8 per cent bond 2000 closed at 107.80p to yield 6.76 per cent from 6.78 per cent. The 8 per cent due 2000 closed at 106.20p yielding 6.08 per cent, from 6.12 per cent.