THE uncertainty over the meeting of the Fed's Open Markets Committee today had a negative effect on share prices on the main international markets, and the Dublin market followed the downward movement.

Some dealers believe that a rise in Fed rates is inevitable at today's meeting with the only question being whether the Fed will limit a rise to a quarter point or go for a full half point increase. A half point rise would undoubtedly hit equity markets hard, but a quarter point rise might trigger only a modest reaction.

On the Irish market, price changes were insignificant with most of the leaders either unchanged or a couple of pence down on Friday's close. Bank of Ireland lost 3p to 487p, AIB and CRH were unchanged on 369p and 610p respectively while Smurfit was 2p lower despite a modest 25 cent rise on Friday to $12 1/8 by JS Corp.

Of the larger capitalisation stocks, Irish Life benefited from a weekend "buy" tip from one of the British Sunday papers and continued reaction to its good half year results. Irish Life shares closed up 3 3/4p on 246p while Irish Permanent was 2p firmer on 442p.

Independent, trading ex dividend was 1p stronger on 314p, Golden Vale - also ex dividend was unchanged on 60p, Greencore hit 335p before closing marginally up on the day on 332 1/2p while DCC was unchanged on 266p after buying out the minority shareholders in Oare - what once was Wardell Roberts - for £3.8 million.

Tullow did not trade in Dublin from its overnight 99p, but the share may be due a sharp fall after weakening in late trading in London. Tullow shares dealt around 100-101p in London for most of the day, but a final deal at 93p sterling suggests that the share may move back towards the 90p level in Dublin.