The Irish market usually has a tendency to have a delayed reaction to events on major international markets. And so it was yesterday where most Irish stocks fell sharply just as London and New York bounced back modestly after their recent heavy losses.

The main highlight in Dublin was the heavy selling of Smurfit after the profits warning from American associate Smurfit Stone. Even though Smurfit Stone was little changed, Smurfit stock in Dublin was hit be a wave of selling and turnover was an exceptionally heavy 5.2 million shares. Smurfit hit a low of P1.75 before closing down 15 cents on P1.82 and was left offered at that closing level.

CRH was also down sharply in the wake of the international weakness and lost 90 cents to P16.80 in volume of 1.7 million shares while there was also heavy trading in the nil paid rights where almost 2.5 million of the units traded as they fell 90 cents to P6.10. Eircom, however, was buoyed by firmer demand for Vodafone and gained 6 cents to P2.46.

Bank shares remained weak with AIB down 10 cents on P11.20 while Bank of Ireland fell heavily and closed down 45 cents on P9.38. Anglo Irish lost 12 cents to P3.43 while Irish Life lost 35 cents to P11.90.

Ryan Hotels was one cent higher on P0.85. Fidelity disclosed that it no longer has a stake above the 3 per cent disclosure level. This suggests that Fidelity has sold at least 750,000 to have gone from its previous 3.94 cent to under 3 per cent.

Biggest gainer on the day was Dragon Oil which jumped 17 cents to P0.61 after UK media speculation of good results from its current Caspian Sea drilling. Baltimore is still suffering from the overhanging 7.5 million shares held by 3i, which were freed from their lock-up yesterday. Baltimore was 5 1/2p lower on 204 1/2p sterling.