Investors may have briefly hoped that the worst was over for markets, after Dublin opened the week on a strong note in tandem with some optimism on international markets. However, it was back to reality by mid-week as the international tone turned negative and, while the price falls in Dublin were not as severe as elsewhere in Europe - and yesterday saw some recovery - nobody is yet confident that the worst is over.

There had been some evidence of private investor interest in the Dublin, as clients try to pick some value in the market. However, the danger in doing this was highlighted by the varying fortunes of the leading stocks.

CRH, for example, had a poor end to week, suffering from negative sentiment towards the sector in Britain following poor results from RMC. It was the main mover on the market yesterday, falling 29p to 810p and ended 60p lower on the week.

The banks, however, fared a little better. AIB ended higher on the week at 902p from 850p a week earlier, with Bank of Ireland climbing from £10.50 to £10.80 over the same period. Such is the sentiment towards the banking sector internationally that further sharp swings in the value of the financial shares appear likely. Meanwhile, Smurfit continues to tread water, dogged by uncertainty over the Stone deal in the US. Brokers believe that the group received a good price for its Condat subsidiary in France, but point out that, with the outlook for product prices remaining poor and doubts about the US restructuring deal, the short-term outlook for the stock remains poor.

Yesterday shares in Dublin closed unchanged ending the week on a quiet but positive note. Throughout the day dealers said trading volumes remained thin with a general lack of direction. The tone was set by a weaker performance in London and a listless start on Wall Street.

With investors showing a lack of interest in second-line stocks, shares such as Avonmore Waterford were unable to move ahead. Yesterday it closed down 5p at 215p. Independent Newspapers also lost ground, dropping 10p to close at 265p. In terms of corporate news, Fyffes announced the acquisition of the Copenhagen-based fruit and vegetable company Olesen Import by its Danish subsidiary Brdr. Lembcke, for £6 million. The acquisition will make the Danish subsidiary the largest company in the fresh produce sector in Denmark.