Investors are beginning to take some profits on their shares as they bid to boost their Christmas shopping power with investment gains.

Shares such as First Active, which many investors will have received free as part of the flotation this year, are beginning to be sold in small quantities yielding a handsome profit for the former building society members. Others changing hands include CRH, Bank of Ireland and AIB, which have all performed strongly this year. The recent dip in the ISEQ has brought back an air of caution to the market and prompted some selling. With interest rates across Europe now heading for historically low levels, analysts suggest that a temporary lull will be followed by a return of funds to the market in the new year.

In 1999, the consensus is that the leading financial stocks will take off once again and there is optimism in some quarters in relation to Smurfit. For those prepared to take a risk, the shares offer relatively good value and may be worth a punt for those who can afford to sit it out for the long term.