THE Dublin market reversed some of the heavy losses sustained at the end of last week, although volumes were low and the international picture remains bleak.

While political machinations in Moscow made everyone jittery, the improved performance from Wall Street steadied some of the nerves. The overall ISEQ dropped by more than 10 points, but some of the leading stocks stabilised.

Dealers said buyers are still thin on the ground and are waiting to see how the international scene resolves itself. One factor which may bolster the market, say dealers, is the large number of interim results due from Irish companies in the next few weeks.

This morning will see half year results from Irish Permanent, which closed yesterday up 6p at 841p. If the figures are above market forecasts, they could give a lift to the whole financial sector.

Yesterday saw another leading lender in the news, as First National Building Society announced a 79 per cent increase in pre-tax profits. Despite this, First National announced that it expects to raise £100 million from its forthcoming listing on the Dublin market and not £150 million as originally planned.

However, the chief executive, Mr John Smyth, denied this had anything to do with the current flat pattern in the market.

Among the current financials on the market, AIB fell again, from 1115p to 1103p, while Bank of Ireland was stronger, rising 5p to 1235p. Irish Life slipped back 20p to 600p in a late sterling trade. CRH's woes continued, with the shares dropping 20p to close at 850p in a steady volume trade. The goodwill generated last week by the Clondalkin Group's results seems to have evaporated as its share price shed 10p to finish at 565p. The falls in the share price of Independent Newspapers continued with 10p coming of its value. The South African economy and the weakened rand would seem to be retarding its progress further - it eventually closed yesterday at 315p.

However, it was a good day for the Irish Continental Group, which recovered some of the big losses it suffered last week, with a 19p rise to 999p. It was a mixed day for the exploration stocks, with Tullow Oil down once again to 115p from 125p, as the fears about world oil prices take their toll. Despite that, Providence Resources, the spun-off company from Arcon, nudged marginally forward from 2.75p to 2.875p.

Smurfit, which has been volatile in recent weeks, put on 2p to close at 160p in a late sterling trade.