Further weakness in London in anticipation of another hike in interest rates meant another dismal day for Irish financial shares. Profit-taking in some of the bigger industrials also dragged the market down although technology shares were in strong demand on Nasdaq.

There were some tentative signs of bid interest returning to the bigger financial shares, but not before AIB fell another 28 cents to €9.76 and Bank of Ireland fell back five cents to €7.15. Other financials were also weaker, with First Active down five cents to €2.10 and [BO ]Irish Life & Permanent down 18 cents to €9.37.

CRH was hit once again by profit-taking and tumbled 95 cents to €20, while Smurfit was down 6 1/2 cents on €3.15. Eircom is showing some resilience and the share is supported by speculation of a buyer for most of the KPN/Telia stake. The shares were 5 1/2 cents lower on €4.23.

There were, however, some notable gains, with market newcomer Horizon surging 90 cents to a new high of €5.90. ICC has been a recent profit-taker at Horizon and disclosed that its stake had fallen from 4.4 per cent to below the 3 per cent disclosure level. Ryanair was another star, jumping 80 cents to a new high of €12.15, gains that were added to on Nasdaq where the shares were trading $2 1/2 higher on $63.

The link-up with Compaq and good results drove Iona ahead $6 1/2 to $54 3/4 on Nasdaq as the Irish market closed - just short of its 12-month high of $55 1/2. Trintech seems to have broken out of its recent rut and was €5.65 higher at €56.70 on the Neuer Markt and $4 higher on $56 1/2 on Nasdaq.