THE Irish market once again tracked movements on Wall Street, and regained some lost ground after the late rally by the New York market on Tuesday night and further consolidation yesterday. Dealers said trading was very skimpy, with few investors yet willing to show faith in the market.

The volatility on Wall Street epitomised by the swing of over 200 points on Tuesday means that the New York market is virtually impossible to call. With the Irish market now apparently linked to New York, that volatility is likely to keep many market players on the sidelines.

All of the leaders regained ground, with CRH 10p higher on 585p while Smurfit was 1p firmer on 162p. US analyst Paine Webber has upgraded its third quarter and full year forecasts for JS Corp to $0.16 and 51.10 respectively, although the 19,7 full year earning forecast remains unchanged on $1.50.

Among the financials, AIB reached a high of 314p before closing on 3111/2p, while Bank of Ireland was 4p higher on 406p.

Elsewhere, Independent got a 96 per cent plus response to its 270p per share rights issue and the remainder of the rights 1.5 million shares was placed in the market by Davy at 280p.

The one big loser on the day was Unidare which dropped 40p to 180p as one American investor who is thought to have bought in at over 250p finally lost patience and unloaded a half million shares at 180p. Kenmare placed nine million shares at 301/2p sterling the equivalent of 291/2p and a discount of 31/2p on the market price. Dana was also in the market for money and placed 28.5 million shares at 14p.