Shares in fruit distribution group Fyffes were the focus of heavy trading on the Irish market yesterday, with 9.5 million shares - 10 times the daily average - changing hands as the stock gained seven cents to €1.55.

This is the stock's highest level for two years, and the size of yesterday's trading has inevitably led to speculation that there may be some corporate moves afoot involving Fyffes.

Fyffes has been mentioned as a possible bidder for the US group Chiquita, which has recently emerged from Chapter 11, or bankruptcy protection.

The Irish company has also been tipped in some quarters as a potential bid target itself with the US group Dole, which made an unsuccessful approach to Fyffes in the mid-1990s, mentioned as a potential bidder.

But market sources told The Irish Times that there was no indication from yesterday's trading that any single bidder was building a stake in the Irish group and that it seemed there were several overseas institutions involved in the buying from one or possibly two Irish institutional sellers. Market sources said overseas institutions may have focused their interest on Fyffes.

This is because the shares have underperformed against other fruit companies in recent months and are now trading at a discount to Dole, Fresh Del Monte and Chiquita.

Fyffes's peer group has risen 16 per cent in the past month while Fyffes shares are up just 8 per cent.

But some market sources refused to rule out a possible bid for Fyffes. At yesterday's close of €1.55, the Irish company is worth €535 million.