Heavy trading in fruit distributor Fyffes was the main feature of an otherwise pretty featureless Dublin market yesterday, where turnover in most stocks was low as the summer slowdown set in. On overseas markets, Baltimore was the main casualty, falling below the $1 level which could see it ejected from the Nasdaq market.

Fyffes and its main competitor (and one-time predator) Dole have been upgraded in recent weeks as a result of more stable European banana prices. This has triggered the interest of overseas investors. Yesterday's trading saw 5.5 million shares change hands as one big domestic holder sold stock to a large overseas buyer. That volume included a single deal of three million shares with another of 1.3 million shares. Fyffes was 4 cents higher on €1.20 and the stock has now risen almost 24 per cent.

The other main volume on the domestic market was in Smurfit where almost 5.6 million shares traded. The share, however, is stuck in a new trading range between €2.10 and €2.15 and was two cents lower yesterday on €2.13. Among the banks, Bank of Ireland is still drawing bid interest and added 30 cents to €11.60, while AIB was a cent easier on €13.13.

Ryanair had a good run ahead and in the immediate aftermath of its results, but the share is now being hit by profit-taking with a view in the market that with an earnings multiple of 40 it may find it difficult to make much further progress. The share was down 22 cents on €11.84.

On overseas markets, Baltimore was nine US cents lower on $0.93 in midday Nasdaq trading. If the average Baltimore share price for the next 30 days is less than $1 then it faces possible ejection from Nasdaq, a market that has an aversion to the so-called "penny stocks". The vast bulk of Baltimore trading is in London but removal from Nasdaq would be a potentially deadly blow to the group's long-term survival as a plc.