`Lemming' sellers draw in buyers

Shareholders behaving like "lemmings" and disposing of stock in panic sell-offs have given way to considered bargain-hunting among more canny investors, dealers reported yesterday. The dip in prices of the main financial stocks caused the rash of buying in the afternoon, and one broker at Fexco Stockbroking said that after lemming-like behaviour, people had stood back, questioning why they were selling. Yesterday afternoon there was a struggle to find the stock to fill orders from clients.

"I would say we bought three times more than we sold. It was absolutely incredible," he said.

Mr Alan Manahan, asset manager at BCP Stockbrokers, predicted an upswing in Irish stock prices by the end of the week, possibly followed by a further dip.

"What you will probably see is a slow and hopefully more sustainable growth pattern going forward. We still see companies in the market, particularly after a dip like this that will offer value."

He said there had not been any tears and clients "had not been that jittery really".