The post-Christmas surge which saw the Irish stock market move close to a new high fizzled out in thin trading yesterday with virtually no change in prices. The modest rise in the New York market in the first session of 1998 should mean, however, that prices are underpinned next week when serious trading after the New Year break is expected to resume.

The 58-point rise in the FTSE in a truncated London session shows that investors are still positive about the prospect for stock markets despite the continuing uncertainty over the Oriental economies. And the big gains on the major European markets are another indication of the positive attitude. The little business there was in Dublin saw Bank of Ireland - one of the top performers of 1997 - rise 8p to a new high of £10.90 while Anglo Irish Bank gained 2p to 139p. Other financials drifted lower in small turnover with AIB down 2p to 678p and Irish Life falling 3p from its 403p all-time high to 400p. Irish Permanent was unchanged on 745p.

Leading industrials also drifted with CRH off 2p on 820p and Smurfit also 2p lower on 196p.

The retail and property boom is having a huge effect on Arnotts which jumped 15p to 525p.