Once again profit-taking dragged the leading financial shares off their best levels, with international markets providing little support for a sluggish market. The financials, however, were finding support at their closing levels and any weakness will be seen as an opportunity for overseas investors to pile back into the market.

Of the leaders, Bank of Ireland was 20p weaker at £15.25, while AIB lost 12p to 993p. Second-line financials, however, put in a better performance, with Irish Life hitting 720p before closing up 10p on the day on 715p, while Irish Permanent was 10p higher on £10.

Smurfit continued to enjoy support - boosted by the continuing speculation of a merger between 46 per cent associate JS Corp and Stone Container - and closed up 2 1/2 p on a new high of 252 1/2p. CRH drifted 2p lower and seems to be stuck in a trading range with a £10.33 ceiling.

Kerry was the star performer of the industrials and moved ahead 25p to a new high of £11.25. The almost total absence of offers of Kerry stock means that anybody wanting to build a position has to pay up heavily.

Speculation involving Commercial Union kept Hibernian well bid and the shares closed up 10p on 850p. Fyffes continued to recover lost ground and ended the day up 5p on 185p and just 10p off its recent all-time high.

The $150 million acquisition by Elan failed to trigger any serious trading in the shares in either Dublin or New York, while Iona stabilised after its $3 fall on Tuesday and was trading up $1/4 on $32 7/8 on NASDAQ as the Irish market closed.