EVEN weakness on international markets could not prevent the Irish market powering ahead to another new high yesterday, with no shortage of cash to constrain the advance.

While recent corporate announcements have been positive for the market, dealers said that there are clear signs that the weight of money around the market is increasing and that the improving technical situation should support share prices.

The virtual absence of fundraising in the first quarter, strong institutional cash flow, and the injection of funds from the Flogas and Inishtech buy outs have all combined to boost the volume of cash looking for an investment home.

With holders reluctant to sell stock, the technical situation supporting the current Irish bull market seems set to continue. A move through the ISEQ 2500 and £18 billion market capitalisation seems inevitable in the short term.

Yesterday, the focus shifted from the financials to the industrials and to Smurfit and CRH in particular. There may have been little new in the JS Corp results, but the US paper sector rose 4 per cent overnight with Merrill Lynch going bullish on the sector. After its $1 1/4 rise on Tuesday, JS Corp was up another 50 cents to $12 by the time the Irish market closed last night.

Smurfit itself traded actively and in size and closed up 8p on 173p, with some dealers suggesting that the share seems to have turned the coiner after its recent difficulties.

Bullishness towards the British building materials sector helped to put CRH ahead 3p to another new high, with speculation in the market that it is close to some modest British and European acquisitions.

Going against the upward trend as Fyffes, which fell 5p to 108p as one investor unloaded four million shares at that lower price.

Some of the fizz went out of the financials, with Bank of Ireland up 2p to 452p, while AIB was 4p higher on 332p. Irish Life benefited from the recent run on bank shares and was 4p higher on 257p; although Irish Permanent has yet to benefit and was unchanged on 373p.

Elsewhere, a flurry of trading pushed Anglo Irish ahead 34p to 58/p. Greencore drifted 2p lower to 310p, while Readymix was 3p higher on 118p as the market continued to react favourably to the Catherwood deal.

Ryan was 3p higher after its good results while, among the explorers, Navan dealt up 9 3/4p to 193 3/4p.