Irish shares opened strongly yesterday, with financial stocks leading an early morning charge, driven by bullish London bank prices. Analysts said enthusiasm flagged in the afternoon, due mainly to profit taking.

The two big Irish banks reached record highs in heavy morning trade. Allied Irish Banks touched 600p before falling back to 583p by the close, down 7p. Bank of Ireland soared to 840p, then slipped somewhat, ending the day at 826, up 6p.

In Britain shares swung both ways yesterday as big institutional investors rushed to book some of their recent big profits. Flurries of selling pressure occurred throughout a vibrant trading session, but nonetheless the FTSE 100 index failed to breach the 5,000 level.