THE Irish market had a busy morning yesterday but fell back in the afternoon as early losses on Wall Street scared off buyers.

When the Dublin market closed Wall Street was still falling and had hit 70 points as investors focused on the release of the Federal Reserve's Beige Book later in the session. The US market has been sliding since last Thursday and Dublin had closed before yesterday's Wall Street rally.

Traders said international players were keen to put money into the market early in the session, with demand from Britain particularly strong. However, when the Dow dropped through the key 5,400 level, sellers entered the market quickly.

The main financial shares had a mixed day. AIB closed down 2p at 3 32p, while Bank of Ireland stayed put at 450p. Irish Life maintained 257p, while Irish Permanent put on lp to close at 381p.

Demand for the main industrials was quite strong. Smurfit closed down 1p having traded as high as 177p earlier in the day.

CRH also saw good early demand, trading as high as 576p after its annual general meeting before falling back 1p on the day to 574p. It continued on the acquisition trail with the sixth buy in as many days.

DCC put one 3p to close at 248p after it announced pre tax profits of £38.9 million, up 14 per cent, which was in line with market expectations.

Traders said the market is looking ahead to results from AngloIrish Bank today. It closed yesterday at 63p.

The bond market advanced further as the market recovered from the battering it received last Thursday and Friday.

Traders said the cash market was very quiet but good interest was obvious at the long end.

The 8 per cent bond due in 2000 closed at 104.20 to yield 6.74 per cent from 6.88 per cent a day earlier. The benchmark 10 year bond due in 2006 firmed 55p to 101.90 to yield 7.57 per cent from 7.65 the day before.

The National Treasury Management Agency offered switch terms out of the 9 per cent stock due this year and into the new benchmark five year bond due in 2001. It switched £62 million. Dealers said most of the new paper went overseas.