Fears that the Enron bankruptcy and the deteriorating situation in Argentina might affect the financial sector sent the New York market sharply weaker in the opening session. Positive figures from the National Association of Purchasing Managers were not enough to improve Wall Street sentiment.

This uncertainty fed through to European markets, but the impact on the Dublin market was negligible with little change in prices.

But while price movements were minimal there was hefty trading in Bank of Ireland where more than 5.2 million shares traded as the stock added 10 cents to €10.12. Just over one million AIB shares dealt as the stock gained eight cents to €11.70.

There was little activity of note in industrial shares but DCC fell sharply by 35 cents to €11.15 as the market mulled over the Fyffes share sale last year that is now being investigated. In a research note yesterday, ABN Amro warned that "a negative outcome to the investigation would have serious strategic implications for DCC".

Ryanair was five cents lower on €12.65 after reports that Treasury Holdings was planning a €38 million airport at Gormanstown and that Treasury was involved in discussions with low-cost airlines other than Ryanair. The group's shares are to split two-for-one from next Friday in a move aimed at boosting liquidity and marketability.

CRH drifted 26 cents lower to €18.24, Independent was four cents higher on €1.88 after an e.g.m. approved its planned restructuring of its Australian and New Zealand operations.

Parthus fell 11/2p to 381/2p sterling in London - not helped by a Davy downgrade - while Smartforce was down almost 6 per cent by midday on Nasdaq, trading just below $21.