Bank of Ireland again proved to be the leading light on the ISEQ as positive sentiment continued to flow ahead of its results next week. One dealer said strong demand for the stock had been prompted by a perception that it was cheap at the lower levels. The stock moved up 46 cents to €8.32 (£6.55).

AIB was also up on the sentiment, moving ahead by 16 cents to €12.21 (£9.62). Irish Life & Permanent continued to nudge ahead, moving up the equivalent of almost two cents, from £6.50 sterling to €10.20 (£8.03), on it being a possible bidder for Ulster Bank. News of a possible joint bid for Ulster from Bank of Ireland and Irish Life & Permanent came too late to affect share prices. Anglo Irish was eight cents higher at €2.30 (£1.81).

The announcement by Jefferson Smurfit Group that it is to sell Smurfit Tobacco Products, its European tobacco packaging operations, was received favourably by the market with Smurfit stock moving up nine cents to €2.60 (£2.05).

CRH found itself back in favour again, moving up 33 cents to €18.20 (£14.33). Eircom continued to show small gains, moving ahead by one cent to €4.02 (£3.17).

Marlborough, which has announced that an approach has been made on a possible takeover, was up 75 cents to €2.90 (£2.28), although in London it was back 10p sterling to £2.07 1/2 (€3.24).

Ryanair, whose proposal for a second terminal at Dublin Airport has not found favour from the Minister for Public Enterprise, was three cents up at €7.73 (£6.09). Independent was up five cents at €4.90 (£3.86).