Another three Irish stocks are to be included in the Dow Jones Stoxx 600 index from December 20th. DCC, IAWS and First Active will join seven other Irish companies in the index, which covers 600 European stocks.

Inclusion in the index should provide a fillip for shares in all three companies as institutions tracking the index will now start to include them in their portfolios. First Active will be the biggest beneficiary. according to something called the "quant team" at ABN AMRO.

They point out that the large retail shareholder base at First Active will make it hard for institutions to get hold of shares in the sort of quantities they seek. In addition most retail shareholders will be of a mind to hold onto their shares until next year when the post-flotation bar on the company being taken over expires.

The result could be a technical squeeze in First Active shares according to ABN AMRO, although the extent to which the shares will appreciate is difficult to estimate, it says.

Irish shares already included in the index are AIB, Bank of Ireland, Anglo Irish Bank, Irish Permanent, Kerry, CRH and Ryanair.