INVESTORS ended the week, more cautious and the tone was weaker though there were no significant features.

Smurfit, going against the trend, provided one of the bright features. US bank Goldman Sachs described the company as a market outperformer" as it started coverage of the shares. The shares started lp down at 159p but then in a series of moves pushed up to 161p.

It appears that US investors, with eyes on the group's US affiliate, Jefferson Smurfit Corporation (JSC), do not want to be under weight in the shares. But JSC is expecting earnings to remain under pressure in the coming months. Earlier this month it blamed "negative pricing trends in corrugated containers" for worse than expected first quarter results.

It reported a loss of six cents per share for the first quarter. This compared with earnings per share of 4.8 cents for the corresponding quarter of 1996.

Qualceram, the first new non exploration issue for some time, was a positive addition to the market this week. It did not move yesterday, remaining unchanged at 170p, a 20p premium on the placing price.

The banks were weaker. AIB fell 5p to 457p. Bank of Ireland was also weaker and dropped 4p to 678p. Following its latest acquisition Adare put on 5p to 670p. DCC was also stronger and rose 8p to 328p as was Greencore putting on 5 1/2p to 318p.

Waterford Foods was 4p better at 89p.