The big question among Irish market-watchers yesterday was whether the session's dramatic trading represented a once-off correction or whether the financial and industrial shares that comprised the "value" sector could recover more of their heavy losses of the past few weeks.

With the Dow Jones up close on 4 per cent after the Dublin market closed, there are solid reasons for believing that yesterday's gains can at least be maintained. Predictably, the bank shares, that have taken such a whipping in the past couple of months, were the main beneficiaries from the shift in sentiment. Bank of Ireland, which has suffered more than other financials in the recent bloodletting, was the best performer yesterday with a 53-cent gain to €6.30. AIB was 33 1/2 cents higher on €8.73 1/2 while Irish Life & Permanent gained 55 cents higher to €7.95.

Even though Eircom is part of the telecoms, media and technology sectors which were heavily sold on world markets yesterday, the shares lost only a cent to €4.60 and are supported by expected corporate changes and the group's plans to offer enhanced services through television. CRH was the best of the industrials and jumped €1.05 to €18.50 while Smurfit was eight cents higher on €2.18.

Elan was in strong demand and was up €6.21 to €46.86 in Dublin. Green dealt busily and closed on €5.33, down 20 cents, as Standard Life disclosed that it had sold over one million shares to take its stake to 4.91 per cent.

The technology shares that made the biggest gains in recent weeks suffered the biggest losses yesterday and Baltimore, Trintech, Iona and Riverdeep all closed sharply lower.