Dublin closed fractionally above its session low as European bourses turned lower in afternoon trading on disappointment at the European Central Bank's decision to leave rates unchanged.

Settlement Date: November 12th

The market had moved ahead earlier following the overnight half-point cut in US rates. Volumes were moderate as the market gave up 0.41 per cent to 4,277.59.

Ryanair was the most active stock but slipped two cents on €7.33.

Among the banks, AIB gave up 22 cents to €14.18. Bank of Ireland was only four cents weaker on €10.98, while Anglo Irish Bank bucked the trend to move ahead three cents to €6.58. Irish Life & Permanent came back a cent to €12.60 and First Active was five cents down on €4.90.

E-learning group Riverdeep fell sharply in afternoon trade despite first-quarter figures that were seen as relatively good. Brokers blamed a conference call at which the company was seen as warning of problems ahead, exacerbated by its refusal to take questions. Riverdeep gave up 25 cents or almost 23 per cent to 85 cents.

Alphyra surged by a quarter to €1.95 as the market waited for a move from management, which is expected to bid for the company.

Barlo also had a good day after results showed the company had better-than-expected cashflow, allowing it to cut debt faster than had been forecast. Barlo rose two cents to 22 cents amid market relief that the company's future was more secure.

There was further trade in Dunloe Ewart, in which major shareholders are battling for control, with close to 1.8 million shares changing hands.

Industrial giant CRH gained seven cents to €12.75 having come back from an earlier high of €13.30 and Waterford Wedgwood bounced three cents to 41 cents.

Buildings materlals group Grafton and agribusiness group IAWS each gave up 15 cents to €3.65 and €7.45 respectively.