Davy Stockbrokers has disputed figures produced by the Irish Association of Investment Managers (IAIM) which shows a sharp fall in its share of the Irish Government bond market.

The IAIM survey showed that NCB has displaced Davy as the biggest broker in the portion of the Irish bond market involving Irish-based fund managers. Based on turnover, NCB had 26 per cent of the market involving Irish institutions in the first half of 1997 compared to 23 per cent for all of 1996.

Davy's market share has dropped from 26 per cent in 1996 to 21 per cent in the first half of this year, according to the IAIM.

However, Davy director, Mr Tony Garry insisted that IAIM members only account for 21 per cent of the retail market, excluding the NTMA and IDB, and Davy's share of the market has remained steady at 33 per cent.

"If our share has fallen with IAIM members then it must have increased with the rest of the market," he said.

Gilt turnover involving members of the IAIM rose from £8.4 billion in the first six months of 1996 to just over £10 billion in the first half of this year.

The figures produced by the IAIM are for gilt dealing involving Irish-based institutions and do not include the increasingly large foreign institutional presence in the Irish market. There are no detailed figures for the overseas presence in the market, but sources believe that it is in the order of 40 per cent, while banks and building societies have an estimated 35 per cent.

Among the other brokers, Riada's market share has fallen marginally from 21 per cent to 20 per cent. AIB's primary dealing unit - which took over Goodbody's market-making role - had 15 per cent in the first half of this year compared to the 18 per cent Goodbody had in 1996.

The most notable improvement has been at UBS which almost doubled its share of the market from 5 per cent to 9 per cent. This in stark contrast to the zero market share of the other overseas market-maker, Credit Suisse First Boston. Bloxham - the biggest pure agency broker -continues to have a solid niche in the market with 5 per cent in the first half, the same share as in 1996.

Davy, however, remains the biggest broker in the domestic equity market, according to the IAIM figures, although its market share - based on commissions paid - fell from 37 per cent to 35 per cent. The biggest improvement in this area was notched up by Goodbody whose market share jumped from 24 per cent to 28 per cent.

NCB's market share fell slightly from 21 per cent to 20 per cent while Riada's share was down from 12 per cent to 11 per cent. Overall, IAIM members paid equity commissions of £4.5 million in the first half of this year compared to £3.5 million in the first half of 1996.