After the sizeable profit-taking on Wednesday which saw the shares lose 30 cents, Eircom was in better shape on the Dublin market and gained 16 cents to €4.56 (£3.59).

Dealers said that they now expected Eircom to trade in the short term between €4.40 and €4.70, with indications that people who borrowed to buy the shares in the July flotation were now sellers.

Any move beyond the €4.70 level would probably require some corporate moves.