Now we will see the true mettle of the Republic's new band of investors. The hammering given to Telecom Eireann's share price during the week saw it falling to the lowest levels shareholders have seen since the flotation last month. Those who bought into the company in the expectation of ever-growing profits on their investment will be getting a crash course in the vagaries of the stock market.

Telecom's fall from grace had more to do with a general malaise in the telecommunications sector that any internal woes at the group. Put simply, the sector has risen dramatically on the back of technology stocks - and Internet stocks in particular - as telecoms are seen as the key delivery vehicle for these new technologies and their products, such as e-commerce.

With a revaluation of the prospects for technology issues, investors are asking whether telecoms are not currently rated too highly.

In addition, there are still competition concerns in a sector where many of the larger players have only recently shed their state protection for the rigours of the market.