IRISH shares rose only slightly on the back of the FT-SE's initial climb into positive territory yesterday, but slipped back in moderate late trade. Analysts said volume was light.

"We've been a shade firmer today, despite the FT-SE's inability to stay above the water line," one dealer said. "The feeling is, though, that we may be entering a drift period - at least until the British budget is out of the way."

Some analysts suggested trading in London was flat because sporting events Ascot and Lords were distracting major investors there from their jobs.

The corporate news of the day centred around industrial holdings group Fitzwilton, and its deal to transfer the business and assets of 21 of its Wellworth supermarkets in the North to the privately-owned Musgrave group, and its joint venture with Safeway to set up supermarket operations in the Republic.

Fitzwilton saw its share price climb by 3 1/2p to close at 52 1/2p.

Analysts also paid attention to Crean, following a flagged decision to dispose of some assets for £7 million shares in the firm remained static at 235p.

Dealers said the main financial shares retreated in line with international weakness, then firmed towards the close. Over the course of trading, Bank of Ireland climbed 1p to close at 710p, while Allied Irish Banks rose 2p to end at 512p.

At the end of the session Irish Life was down 4p at 342p, while Irish Permanent was up 5p at 615p.

Of the main industrial shares, CRH continued its climb, gaining 6p and ending at 701p. but Smurfit dropped 2p, in what dealers said was a delayed reaction to weaker performance in the US sector, ending at 190p.

In the food sector, Avonmore gained 4p to close the day at 280p, while Fyffes, ahead of results next week, gained 1p to 95p. Greencore fell 2p to 330p.

Woodchester, which has been put up for sale by troubled trench state bank Credit Lyonnais, rose 10p, ending on 295p. Independent climbed 15p to 375p, and Jurys gained 8p to finish at 370p.