DUBLIN REPORT: Business was brisk yesterday, though the index fell late in the day as financial stocks gave up some of their earlier gains.

Settlement Date: June 12th

AIB, which issues a trading statement tomorrow, rose 10 cents to €13 on a day when there was switching in both directions between the two major banks. Bank of Ireland, which was understood to be back in the market buying back its own stock, slipped back four cents to close on a session low of €11.06, having traded as high as €11.20.

Irish Life & Permanent was hit following its decision to pass on the full half-point interest rate reduction to mortgage borrowers. The share was down 20 cents at €10.30 as the bank revealed the move would cost up to €10 million on profits. Anglo Irish Bank was the subject of strong interest. It closed up one cent on €7.68.

First Active also saw concerted buying interest despite the round of rates, closing 15 cents stronger on €4.35.

Outside the financials, Elan gave back another chunk of the exceptional gains made last week, falling 85 cents to €6, as profits were taken and investors awaited more news from the group which holds an e.g.m. this week.

Gresham spiked early in the day after it announced the sale of three hotels in Killarney, Limerick and Galway. The share price moved ahead four cents.

Waterford Wedgwood, meanwhile, saw its price fall fractionally with almost 6.8 million shares trading. It closed down half a cent on 20.5 cents.

Traders said that following last week results' reaction from retail shareholders, the institutions were getting in on the act but struggling to find buyers.