ONCE again the Irish market managed to shake off weakness on bigger international markets and rose marginally to close just off its all time high. Once again, however, a Wall Street rise by Elan was the main factor behind the rise in the ISEQ, as most of the leaders eased back a few pence.

The market seems reasonably well supported but, somewhat ominously. there are unconfirmed reports of the two of the biggest domestic institutions moving into cash on the basis that the market is beginning to become overvalued. Certainly, if overseas market continue to weaken, the Irish market will find it difficult to ignore that trend.

Elan was up another $3/8 in New York and was trading at 844 as the Irish market closed. Among the domestic leaders, AIB was 1p easier on 512p, Bank of Ireland lost 2p to 718p, CRH lost 2p to 698p, while Smurfit was unchanged on 193p as JS Corp moved $1/2 stronger on Wall Street to $16 1/2.

Elsewhere, Anglo Irish was 1p easier there was heavy trading in the shares last week with turn over figures showing that almost 3.8 million dealt on Friday. Another to trade in huge volumes was Dragon Oil where the £12 million turnover on Friday indicates that over 170 million shares traded over 3 per cent of the total equity.

The arrival of Norwich Union shares on the doorsteps of 150,000 Irish shareholders should mean a boost in business for the stock brokers. Most especially those who have private client business are offering special dealing arrangements.

The advice for those planning to sell is to shop around among the brokers. If any brokers is charging more than a flat fee for a small lot of shares, then shareholders might be advised to use the postal dealing service that Norwich Union has set up through Davy which carries a flat fee of £7.50.

Norwich Union closed on 328p sterling yesterday and this means that smaller investors who received their 150 free shares and another 377 shares under the discount share offer are now sitting on profits of around £800.