The Irish stock exchange ended broadly unchanged as it was relegated to the sidelines during an international rally which saw the Dow soar and the FTSE close more than 100 points higher.
Wall Street and European stock markets were bolstered by news that the US Federal Reserve and the Bank of Japan had intervened in the foreign exchange markets by selling dollars and buying yen in order to boost the ailing Japanese currency.
The intervention and subsequent rally by the yen eased fears over a possible meltdown by Asian economies.
"The Fed has been in to sell the dollar and buy the yen. As a result the Dow's up and the FTSE's up but Dublin has been left behind," one dealer said.
However, he said the Irish market tended to lag both international upward and downward moves and it was likely to catch up today.
Dealers reported some overseas buying interest late in the day but said activity in Dublin was generally lacklustre and illiquid.
However, there was a growing perception that the Irish market was cheap compared to other European peripheral markets and that, combined with the international rally, should encourage activity today and tomorrow.
The performance of the leading shares was mixed as AIB shed 3p to 940p, Bank of Ireland gained 11p to £13.45 and CRH dropped 5p to £10.35.
Smurfit closed down 6p at 221p, having clambered off an earlier low of 215p, but Greencore gained 3p to 363p.
Second-line stocks were generally weaker although there was little corporate news. Fitzwilton was unchanged at 47p following news that Dr Tony O'Reilly, and his brother-in-law, Mr Peter Goulandris, have received acceptances in respect of 204.85 million ordinary shares, representing 74.5 per cent of Fitzwilton. The offer has been extended for a further 21 days.
Industrial holding group IWP, which announced that it had received acceptances in respect of 62.12 per cent of the share capital of Jeyes, was also unmoved at 450p.
Waterford Wedgwood, which slipped 4p in a late deal on Tuesday, fell a further 6p to 100p in yesterday's session.
