Share prices moved firmly ahead and, at the close, were less than a 0.5 per cent off their 4303-high of earlier this year. A new high seems attainable before the end of the week, with Far Eastern markets showing tentative signs of stability and western markets broadly firmer.

Fyffes, which has been substantially re-rated after its an unexpectedly strong full-year results, continued to impress and closed up 3p on 138p, ahead of an expected announcement that the EU has agreed to WTO changes in the European banana regime.

American producers are expected to oppose the revised regime but if the WTO accepts the plan there seems little they can do. Fyffes has already said the new order will not have a negative impact on its business.

Elsewhere, it was mainly upward movements, although some of the steam went out of the financials with AIB edging only 1/2p higher to 730 1/2p in a final sterling-denominated deal while Bank of Ireland gained 10p to £11.30.

Among the industrials, Golden Vale gained another 5p to 100p and brought its early-1998 gain to 22 per cent. Greencore is another stock where sentiment seems to have shifted and the share closed 8p on 367p with further gains likely if its Pauls Malt bid is successful.

CRH rebounded from an early weakness and closed up 13p on 880p although Smurfit was 3p easier on 203p. DCC gained 8p to 490p, Arnotts was 30p higher on a new 600p high, Independent jumped 20p to 450p, while McInerney slipped to just under 90p from 94p in a sterling denominated deal as Standard Life disclosed that it had recently sold 800,000 shares to take its stake from 13.3 per cent to 9.9 per cent. Irish Continental results were in line with forecasts and the shares were unchanged on 900p.