Leading industrial shares were the driving force behind another strong day on the Irish market, while some of the financial shares recovered from early weakness to close marginally ahead on the day. The market was also supported by modest gains in London and a firm opening in New York although some in the market take the view that the Irish market is ripe for a correction with profits there to be taken.

Among the industrials, CRH was 5p higher on 690p while Smurfit firmed 2p to 215p while JS Corp was unchanged in New York on $18 3/8. Elsewhere among the industrials, Greencore gained 2p to 327p following excellent first quarter results from US associate Imperial Holly. American investment group Putnam has disclosed a 6.6 per cent stake in Greencore.

Fyffes was 2p higher on 96p, Hibernian was uchanged on 400p after results which were ahead of forecasts while Ryanair was also unchanged on its all-time high of 400p. James Crean was unchanged on 210p as US investor Moray disclosed that it has sold its entire stake in Crean. ILP - a disappointment since it came to the market - fell 7p to 28p.

With their merger now formally consummated by shareholders, Avonmore and Waterford were both firm with Avonmore unchanged on 310p while Waterford was also unchanged on 177p. Dublin investment house Dolmen has warned, however, with the combined group on a p/e premium to the likes of Unigate and Northern Foods, profit-taking may now take place.

The contrary view. however, is that institutions will be reluctant to reduce their stake in a merged group which will be in the top 10 on the Irish market and where around 75 per cent of the shares will be tightly held by the parent Avonmore Waterford Co-op and farmers.