Financial shares continued to come under the hammer on the Dublin market. So far, there seems no prospect of the gloom lifting despite Dublin brokers emphasising the value that bank shares offer at their current depressed levels.

But the most significant price changes were among second-line industrials and particularly Fyffes, which fell 12 cents to €1.30, having dipped as low as €1.22 in earlier trading. Turnover, at almost two million shares, was heavy. The share is now trading at its lowest level since late 1997 and at less than one-third its €3.96 high of just four months ago. "Sentiment towards Fyffes is dire," commented one broker.'

The other big turnover was in Greencore where 5.4 million shares traded, even though the share stood still at €2.65. Arnotts was 10 cents firmer on €6.80 as it emerged that BIAM has snapped up almost 1.5 million shares or 8.2 per cent of the total. BIAM previously had no Arnotts shares and the question now being asked is who is the seller, if it was a single sale. Only the Arnotts staff pension fund, Fidelity and Arnotts director Mr Richard Nesbitt have shareholdings of this size.

The slump in telecom shares saw Eircom fall two cents to €2.98 after going as low as €2.90. Bank shares were lower across the board, with AIB down 45 cents on €9.75 and Bank of Ireland 24 cents lower on €6.83. Further expansion in the US helped CRH recover 25 cents to €18.25 but Smurfit remained weak, closing four cents lower on €1.93. Marlborough fell 25 cents to €1.50 although exploration minnow Ormonde - whose shares are traded in baskets of 10 - was 30 cents higher on €0.80.