Volumes down in quiet trade

IT WAS another quiet day on the Dublin market with what little activity there was focused on the market leaders and the financial sector.

With many of the key players away on holidays, trading volumes remained thin although dealers reported reasonable two way interest.

CRH and Smurfit, while in good demand, were unable to move ahead as strongly as might have been expected on day. CRH closed up 5 1/2p to 618p while Smurfit put on a penny to 166p yesterday.

The banks were unable to mirror a stronger performance among British financial stocks, with AIB and Bank of Ireland moving modestly ahead in light volumes.

AIB was unable to hold on to its highest level of the day, slipping back from 360p levels in the afternoon to finish up lp at 356p. Bank of Ireland was also unable to consolidate earlier gains added just 1/2p to 456p by close of business.

Among the other financials, Irish Permanent put on 4p to 402p, Anglo Irish Bank remained unchanged at 63p while Irish Life gained 1 1/2p to 241 1/2p.

In the food sector, Kerry gained 5p to 595p and Fyffes was unchanged on 105p. Golden Vale slipped 3/4p to 61 3/4p while Greencore moved up 3p to 310p.

Among the second liners, Jurys was 5p better at 270p, Clondalkin added 25p to 500p and Waterford Wedgwood dropped a penny to 74p.

The gilt market was also relatively quiet as Government stock slipped lower in subdued trading. The 8 per cent bond due in the year 2000 was up 11p from the previous day's close at £103.95 to yield 6.76 per cent while the 8 per cent bond due in 2006 stayed around two pence above its previous closing level at £103.07 to yield 7.41 per cent.