The Dublin market was again the poor relation of the European exchanges yesterday, with Irish shares closing more or less unchanged as other markets posted gains of more than 1 per cent.

First Active was one of the busiest domestic stocks on the day, as news of a possible Competition Authority investigation into the Royal Bank of Scotland takeover gave rise to jitters among hedge funds taking a punt on the transaction.

The bank’s shares closed at E6.02, down 12 cents on volume of 2.7 million shares.

The remaining financials had a mixed performance on reasonably brisk business. Bank of Ireland was on the weak side at the end, closing two cents lower at E10.25. The bank said it had restarted its share buyback programme on Friday with the purchase of 350,000 shares at an average price of E10.28c. Further buying looked to be in evidence yesterday.

AIB was stronger, rising five cents to E12.17. Anglo Irish also went better, with anticipation of tomorrow’s full-year results prompting a climb of eight cents to E10.08. Irish Life & Permanent fell 17 cents to E11.70 on relatively low volume.

CRH was the most impressive of the industrials, with a combination of the firming dollar, two UK broker upgrades and a sound a.g.m. statement from builders merchant, Wolseley, driving shares up 25 cents to E15.20. The Wolseley comments also offered some support to Grafton, which has a similar UK business. Grafton’s shares rose three cents to E5.15.

Ryanair was firmer after coming under pressure last week, closing 26 cents stronger at E6.55.

Paddy Power also outperformed the index, with draft changes to British gaming law helping to lift shares by 21 cents to E6.85.

Greencore, due to report full-year numbers this morning, declined by one cent to finish at E3.20.