Share prices clambered back from the depths in heavy trading yesterday but the recovery is very much a tentative one and further falls are expected before any firm ground is reached. As long as war and recession looms, money will flow out of equities and into safe harbour investments like the Swiss franc.

Financial shares took an early hammering and the financial index was down almost 9 per cent before the sector recovered to close down almost 6 per cent. AIB - with a substantial American exposure - fell as low as €9.00 before recovering to close down 86 cents on €9.40. There was heavier trading in Bank of Ireland which closed 38 cents down on €8.07.

Among the industrials, CRH also bounced back from a session low of €14.45 and actually closed up five cents on the day on €14.95. Elan closed firmer in Dublin but in midday New York trading was down almost 3 per cent on $43.74.

Ryanair fell heavily on turnover of more than 2.2 million shares with investors apparently paying little attention to the series of reassuring comments from chief executive, Mr Michael O'Leary. The shares lost €1.04 to €7.50 and Ryanair has given up most of the ground it reclaimed last week. There was also heavy trading in Smurfit which closed down 12 cents on €1.83 on turnover of more than four million shares. Waterford Wedgwood continued its downward spiral and was five cents lower on €0.55.

Meanwhile, a supposed €0.20 late deal in Datalex shares late on Thursday evening turned out to be a rogue deal with a dealer apparently keying in a Dunloe Ewart price for Datalex. Datalex lost eight cents to €0.60 yesterday and the company is understood to be furious at the error.