Irish shares in the main tracked London yesterday, rising slightly, then slipping back, in moderate trading. One analyst suggested the Dublin market may be entering a drift period until the British budget, on July 2nd, is out of the way. Most eyes were on the corporate deal of the day; Fitzwilton's deal with Musgrave and joint venture with Safeway.

In Britain, trading appeared to be heading for another low-volume, gloomy day, but the equity market was transformed just before the end of the session by a sudden raid on Grand Metropolitan shares by LVMH, the French luxury goods group. The move by the French company was not seen as a predatory move against GrandMet, simply an attempt to win a seat at the table at which the advantages from such a merger would be shared.