One stock that was performing well yesterday was Eircom up close on 12% on the day, though the gains earlier in the session were higher. The reason of course was the prospect that Eircell, the mobile subsidiary, is to be sold off to the British company Vodafone.

However, before anyone gets too excited it should be noted that the shares closed last night at €2.75, which, while a recent high, is a long way off the €3.90 floatation price. It is very hard to see the share price going above that important psychological bench mark in the absence of an alternative bid for Eircell or better still the entire Eircom group. Whether there is a white knight out there no one knows but many are hoping. One name that has been mentioned is France Telecom.