Davy Stockbrokers has consolidated its position as the biggest stockbroker in the equity market with well over one-third of the business generated by fund managers. Davy staff members have also been voted number one equity dealer and for equity analysis. The annual survey by Finance magazine shows that Davy's share of the equity market increased from 33.7 per cent to 36 per cent in the year to the end of March.

Gooodbody has replaced NCB as number two in the Finance list, with an increase in market share from 22.1 per cent to 25.8 per cent, while NCB's share of the market has fallen from 24.2 per cent to 20.8 per cent. Riada remains number four in the rankings with a small fall in its market share from 14.4 per cent to 13.8 per cent.

Sources in NCB, however, have disputed their reported loss of market share to Goodbody and said that, since the beginning of April, NCB's share of the equity maerket has risen "by a number of percentage points" from the 20.2 per cent reported by Finance.

Other market sources have also suggested that the substantial increase in Goodbody's market share reflects the restructuring of the AIB Investment Managers Irish equity book, much of which was channelled through the AIB-owned Goodbody.

Among the equity dealers, Davy's Mr Ronan Godfrey and Goodbody's Mr Bruce Ashmore have displaced NCB's Mr Jim O'Donovan from the number one position. Mr O'Donovan has held in the Finance surveys for the past ten years. Riada's Mr Joe Gill is a newcomer in the league of equity dealers at number four.

The Finance survey shows that the quality of equity research has increased markedly as a factor by which fund managers assess broking firms' performance. Two years ago, quality of research was only the fourth most important factor but, in the most recent survey, has been ranked the most important factor ahead of day-to-day dealing service.

The top analyst positions were shared by Davy and NCB. Davy's Mr Robbie Kelleher retained his position as best overall analyst ahead of NCB's Mr John Conroy and Mr David Lowe of Goodbody, while Mr John Conroy of NCB was nominated best leading industrials analyst.

Mr Shane Nolan of NCB was the best financials analyst while Davy's Mr John O'Reilly narrowly retained his best food and agribusiness analyst ahead of Riada's Mr Joe Gill. Mr Kieran Mahon was voted best analyst of second-line stocks.

On the bond and economy side of the brokerages, Davy's Mr Jim O'Leary was once again voted number one economist.